Elliotians will expect (C) bottomed within 0.618 - 1 fib of Wave 1 ( 6956 - 5802.5).
Although, lesser degree wave (12345) could go as low as 3937 if it's over-extended itself.
Using channel created by wave 2 & 4, we project the end of Wave 5 within the fib area
we compare two methods.
1. Chart Pattern as per Bulkwoski. Here we expect DIP, The busted pattern presents a profit opportunity from the long side.
2. Channelling wave 2 and 4, to project end wave 5.
surprisingly, both method yields similar target.
We're focus on the possible bottom of 2019. We're not talking about this year high, because the top is moon.
correction officially ended, and new bull trend started when price stays above falling wedge
- Bounce from this level could potentially followed by RSI trend breakout.
- in case RSI trend broken out, could potentially take out resistance zone
- get out from multi month bear trend (falling wedge breakout)
- Failure to move higher potentially paint a PARTIAL RISE
- Partial Rise can be a sign of downward breakout
Depends on your trading style.. for swing and position, can see this as bullish pattern, where we wait for completion of BC Leg then initiate long order at Crab target zone.
for aggressive trader, perhaps will place short at the top of targeted BC with a tight Stop Loss
As I mentioned before
I've been scaling in long since 8200 all the way down to 7900, holding the longs when it reversed from 8600. And now bitcoin is retesting 8200.
This time, I'm reviewing my position as planned..
We are in the green box where fakeouts happened before. Fakeouts over fakeout. But...
We have mixed signal..
4H quite bullish. While daily, a bit bearish..
1D cloud is holding the support and about to twist.. will it hold and turn bullish? Nobody knows except the fat fingers who drive the market lately. in Bitmex it's obvious some fat fingers been doing huge amount of market buy and sell. huge here we are talking $200M in few ticks.
I did not pay attention on $BCH until today..
After a release from AntPool about burning tx fee to blackhole address, I looked into its chart. This is clearly a confirmed reversal, a long term reversal of $BCH. The reason is, there's Cup & Handle breakout at the bottom of downtrend. According to Investopedia, C&H at the bottom is a sign of reversal. I heard some...
I see some people expressing their confusion about what is happening at the moment. Well, you'll be confused if looking at small timeframe. But when looking at daily chart, you'll see it quite clear. We are in consolidation. Don't trust anybody you met in internet, do your due diligence, DYOR. Do not trade in the dark.
As my personal assumption that we are now in a corrective wave at Primary or Cycle Degree, I take a conservative method for determining my trading action. I won’t try figure out which corrective variation that is currently in play. Rather than cracking my head and resulting loosing trade, I’ll wait until it's CLEARLY over, and trade small stake using price action....