The short term view for bitcoin is still downward. The rise in price currently is just a pullback to complete wave 4 (a-b-c-d-e). The counting is invalid if the higher of wave iv is break.
If we take a look at the moving averages on the market, it's clear that the 50DEMA was supportive (base-line) for the market until we reached the 64k top. After the initial crash the market drifted below the 50DMA (red line) then we had a pullback (retest). This could be a sign that from now the 50DEMA could act as a resistance instead of a support. But no...
EURAUD WAVE CORRECTION
Market Buy Order Set Up.
Buy Entry: (1.56575)
Take-Profit: (1.60000)
Stop-Loss: (1.5521)
Max Risk-Reward: (2.51)
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GBPNZD WAVE CORRECTION
Market Sell Order Set Up.
Sell Entry: (1.90687)
Min Take-Profit: (1.89239)
Max Take-Profit: (1.88319)
Stop-Loss: (1.92141)
Max Risk-Reward: (1.63)
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GBPUSD WAVE CORRECTION
Market Sell Order Set Up.
Sell Entry: (1.36610)
Take-Profit 1: (1.35835)
Take-Profit 2: (1.35332)
Stop-Loss: (1.37155)
Max Risk-Reward: (2.34)
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AUDUSD WAVE CORRECTION
Market Sell Order Set Up.
Sell Entry: (0.77485)
Min Take-Profit: (0.76765)
Max Take-Profit: (0.75750)
Stop-Loss: (0.78458)
Max Risk-Reward: (1.78)
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PING AN detailing complex Correction with ''WXY'' combination in which "W" is an irregular FLAT (3-3-5) wave structure.
Regards, Team Traders "PowerfulTraders" flat
Most traders are anticipating the drop of the USDCAD in the broader perspective. I still think it is a little early for the USDCAD to drop, but only time will tell. For now we need to watch price retest the highs it made this past week. If it fails to form new highs then we can look for a short opportunity and hold it. I am expecting the price to at least get to...
