BTCUSD is following long bearish trend, broke many support prices in between,
and now price near by 35250, acting as support level, and respected twice, might be
bullish rally could come at that level, volume looks sufficient to drive price
up in huge bearish trend.
long position possible at support price, and target could be at least to touch
So there are two main scenarios. This might be one of them.
We are in a corrective move now. Finishing the wave C down. And will then continue with a wave 3 which is part of a bigger wave 3 or 5. The later 3/5 wave needs to be checked.
I've added some fibonacci ratios, trends to predict areas of resistant. There is a fibonacci time indicator too. We'll see what...
Good day !
Some interesting images:
On the RSI indicator with the period of 28 , in classical position the 14th period is situated approximately there, on the long chart, on the daily time frame RSI has drawn ABCDE , but on the short chart a divergence is formed. It surely doesn’t principally mean anything 😀 and it shows only that we are waiting for the volume...
Price testing support of 1.62 area, also below the 1 hour 200SMA. In a small range right now, price consolidating. A break to the either side can be traded, if the break is impulsive with a string candle.
Stop can be placed behind the latest swing.
Have a good trading week!
I see a bullish run finished on the next 30 - 40 pips and then we can expect a bearish movement until 110.300.
This could be the formation of our Right shoulder.
Let's wait for candle confirmation to enter a short trade.
BTC short VS ETH long idea
Whenever ETH touches 0.1 , BTC gets all emotional.
Add that to the fact that BTC hasn't completely finished consolidating after it's pump and you get what I've outlined here.
Based on last nights' observations, there are some whales with deep pockets who are very interested in keeping ETH price stable above 0.09 and I see them...
eu is at an important level. breakout must be happening, up or down.
i suggest the break to the downside because of the corrective pattern in which it is now. Rather fast move down is likely to be a new motive wave down to 1.07 - 1.05.
Watch the corrective wave for yourself. Wave counting is not brilliant, actually not a 5 wave diagonal, but an 3-3-5 abc move....