Just to make an update what BTC is doing at the moment, price confirmed it is indeed a triangle one more leg down for wave 5
-next support level around 27k
-anticipating diagonal before we go back up
I posted long time ago about this ending diagonal, we could still be in uptrend but we must know when the price is done correcting. Just be prepared in which ever it goes
-Price had a massive drop, Wave 3 is more than 1.618 which may invalidate the wave C, but the market is always the market its not the exact thing as the textbook says.
-If indeed its a 1-5 waves...
I posted ending diagonal and still on short position, if indeed we are inside wave 3, then id anticipate maximum retracement @ .50 fib, next support is 382 w/c aligns w/ 0.272 extension (orange box). Will look for patterns if we hit the zone, today we might have short bounce.
-Price currently on channel support and still no reaction or bullish price action, but if the price could do series of higher high and higher low or a simple flip of resistance turns support then its a good chance that we will have upward move. Still waiting for the price to confirm
-RSI at support anticipating retest 30 zone 1hr also noticed the divergence
ill explain ATOM with simple technical analysis
-from left price found resistance
-price broke resistance but failed ( i wont use it as our top)
-3rd time price broke above resistance ( role reversal)
-resistance turns support
-TLM completed its first leg
-Price is in corrective pattern
-Anticipating price to retrace maximum 0.618, we have a nice demand zone (support)
-Also aligned with previous resistance (left orange box) now turns support
-It could be B wave correction if it takes longer time or could be wave 2 if its shorter (possible ZZ pattern)
-BEL price action ain't showing weakness, same with BTC could just be a fake short for now
-Could bounce on trendline where previous 2 and 4 found dynamic support
-Finished the first impulse drop (Wave A) anticipating price would take more time to form WAVE B (could be complex)