In my analysis on the 2 HOUR CHART, price is moving BEARISHLY, forming a Barrier Triangle Ending Diagonal. Price is currently at 1.25498, I forecast that Wave A may move to price 1.23957 which is 100% of Wave A. Then to price 1.23013 which is 1.50% of Wave A. and finally to price 1.22800 which is 1.618% of Wave A. I used the Elliott Wave and Fibonnaci for my...
Another bearish divergence on Chaikin Money Flow as the price action throwback to the upper resistance of the triangle. A swing downward is starting to make a wave-a of a extensive wave-iii, which can b a great position for the day trading. How log will be this wave? Let' see forward. But is very probably that we are in an expanding ending diagonal to complete wave (v).
BTCUSDT is in a downtrend now to fill the corrective wave-A in a broadening structure, which suggests by the wave count that we are in the terminus of a micro wave-ii, thereby the expected retrace can reach 27750 in the rest of the day, i.e. I'm predicting a extensive wave-(V) in a expanding ending diagonal (broadening wedge formation).
Price action and chart pattern trading setup
> Falling Wedge Ending Diagonal - Bull Trap or Pullback?
> Entry @ downtrend line breakout of wave 2 and wave 4 or SMA50 zone
> Stoploss @ the lowest minor wave iii/v estimated position - downside limited for final wave 5 -10 - 15% and can be truncated
> 1st target at wave 4 position for short term trade and wave 2...
