Break in Market structure after a series of LH's.
But first a retest to closest support, or the o.618 fib level depending on how far BTC gradually falls.
NANO/USDT looks the same. Refer to my NANO/USDT Post.
5 Sub-waves complete to form an impulse wave to the downside
Expecting a retracement today, to maybe continue into tomorrow depending on momentum. 0.382 reasonable. If not 0.618.
Regardless, downtrend is stronger than ever. Don't bet against it.
HTF zone presented using the Weekly Time Frame. Bias is downtrend mid term.
1st Impulse Wave complete, with Sub-waves forming a leading First wave Diagonal.
ABC correction wicked at 0.618 bang on.
2nd Impulse Wave on the move. Wouldn't Focus too much on the oscillators given the distortion from COVID 19 Effect.
Approaching First trouble area.
Given the recent slump in BTC's price and fears of COVID 19. The retracement has been healthy and reactive but it still does not confirm whether we have completely bottomed.
The RSI and the MACD is the key indicator here, for bullish strength bullish divergence must form. A 5th wave will mean things will come into fruition and is very much on the move given the...
Elliot Wave analysis. A wave almost complete. 4th sub-wave looking complete, signs of rejection at the moment at 0.382 fib level.
Note: Wait for confirmation of a 4HR close below the 0.382 fib level.
RSI & MACD - Preparing for a bullish divergence on a 4 HR chart?
Wave lengths detail - A complete Impulse wave should be 2.618.
First wave - 0.5 Second Wave -...
A-B-C Correction or a W-X-Y in the making, remains to be seen. 5-3-5 Zig zag so far, we could see another wave up for a failure of X or just break through the previous interim high to make the 3rd wave (Seems too early for this, 40%+ in 3 days, exhaustion ---> long correction perhaps?)
0.618 retracement hit, we should bounce from this.
Bullish Divergence on...
(W-X-Y NOTATIONS ARE IN WHITE)
W-X-Y - sideways correction - What was initially seen as a W-X-Y formation on BTCUSD, was also beginning to form a symmetric triangle. However, both show signs that the final actionary wave is about to complete to complete the first wave of a larger degree.
If this pattern were to be a W-X-Y, the W formation takes the shape of an...