This is NOT investment advice - just my personal opinion based on BTC's latest movements. I could be totally wrong. DYOR.
On the 45 minute chart, we see a clear descending triangle, in which BTC is moving. I believe BTC will soon break out of this triangle and head towards 9000, where it will bounce. I don't expect a bounce above the bottom of the triangle, as it will become a support once it has been breached. Therefore, once BTC breaks out of the triangle, I see a slight bounce off @ 9k upwards, then a bounce back down off @ 9150 - 9200.
I see the upcoming downward move as wave 3 within major corrective wave C - big picture.
Still undecided on whether or not to try to play one of these intermediate waves. I'm relatively new to wave / fib analysis. But, my confidence is growing. Should I give it a shot?
BTC did break out of the triangle - upwards as opposed to my forecast earlier. However, I still believe we are in Wave C of this major correction - starting Wave 3. I'm still holding my short from @ 10200. Still considering trying to catch the bottom of Wave 3 to go long up the ABC to the top of Wave 4 for a 3 - 4% gain. Then, short Wave 5.
This is a learning process for me - not intended to be financial advice for anyone.
This is a learning process for me - not intended to be financial advice for anyone.