Sell below 17463. Stop loss at 18212. Take profit at 15965.
Reason for the trading strategy (technically):
Bitcoin failed to break below our major support and is starting to rebound, making a bullish exit of a recent triangle formation. This leads us to expect price to rise to at least 17463 which is our major selling area (Fibonacci extension, horizontal swing...
Looks like this is it for now on BTCUSD.
It looks to have completed a Primary 5 wave cycle with an Ending Diagonal Triangle Pattern.
Let me know what you think in the comments.
Looks like Bitcoin is currently 5th Waving. (Move up with little to no correction)
I will not try to guess when the correction will happen. But if anyone has Ideas put them in the comments.
I think we are in the middle of a Wave 4 (red) Correction.
If this does happen I think the result could be a bottom at $5100 or $4800.
Be sure to look at my previous Bitcoin ideas so you have an understanding of how I came to this.
Lets see what happens.
Thank you.
Strange Huh. Me posting an idea on BTC.
Let me be clear with one thing this is first - the only - and last chart I am posting on BTC for Testing Purposes. I just like to research things, and test different stuff!
As well I will not trade this myself and I never will trade Cryptos. Gold is the only real money and has been for 5k+ years, and when the real Fear comes...
- I think the top for that 3rd wave has been put in.
- There could possibly be a sharp looking move towards the $5150 or $5000 area.
- Look through my past ideas to see what made me come to this.
*If you guys received any type of value from my analysis Like&Follow!
If you have any charts you would like to post please do so!
Thanks.
The same pattern was able to be identified in the last correction which lasted about 2 months before it finally got a bullish breakout, still waiting for a high confidence bullish breakout.
I think the Corrective phase on BTCUSD is over, and we are currently in M-wave 3. (Long-Term View)
I think BTCUSD might continue & bottom out creating an Irregular Flat Corrective pattern near $4000 - then continue. (Short-Term View)
If you guys have charts you would like to provide for an alternate view on things I would appreciate it!
Despite all the news that came out on BTCUSD ; the overall Trend is still looking Bullish.
The Trendlines starting the end of May + Fibonacci + VWAP is pointing towards strength, but there are still a few minor Road Bumps before we go higher on the lower time frame.
I will be posting up lower TF charts.
Part 2 BITCOIN
As promised, my second part Bitcoin with TR 2 - 4800-5000.
We see that we have here Classic Elliott wave 12345, as in a book. In combination with Fibonacci levels.
TO BE CONTINUED.
First chart attached below.
Minor pullbacks seem to have to occur for such higher price, meanwhile price is rising as I see Traders Dynamic Index (indicator window) pattern occur again.
I should stress, this is not a trade I'm executing!
Now that I've said that, after a precipitous decline Bitcoin finally experienced a dead cat bounce of note. After all the technical damage done it seems unlikely it will suddenly rally hard from here and volumes on this bounce seem to support this.
As I said before, I'm not opening this trade but rather waiting...
