The trade we have been waiting for along time. Ultra bullish short and long term in Bitcoin.4
The BUY zone is at the Golden zone between the 0.618 Fib-Retracement @8475$ and 0.65 Fib Level @8376.
We also have a confluence zone at 8500 which is tha 0.5 Fib Retracement of the larger swing.
We are finishing the Zig-Zag(5-3-5) with five waves. Some extra confluence...
We are still in an internal WXY correction. Wave 2 is expected to go between the 0.5(7484.15) and 0.618(6374.01) of wave 1 (The whole swing from 2780 to 12180)
The channel is still holding. We have two connection points on each side which make it valid. The median line of the channel is acting as support at the moment
We have a strong structural Resistance Level...
We are at the moment in the 5th wave of wave 3 of a larger degree. Stop Loss @ 590 Euros. We are going to split our targets. Take your first (1/3) Profits @695-700, your second target is 730-740 Euros, and the last target is @815 (2,618 Fib level and we have a confluence zone forming with the top of the channel, but we need an extended fifth wave for that...
We have completed the first two waves wave 2 is 0.618 fibonacci retracement of wave 1 as expected. Our Target for wave 1 is 1,6-1,75 Fibonacci Extension of Wave 1. Place your stop Loss carefully. If this plays out as expected you can lock in 20% profits.
We now have a complete 5 wave structure as you can see. We are waiting for a 3 wave correction(a-b-c) Targets for the Buy Zone is the blue rectangle which is between the 0.5 Fibonacci Retracement Level and the 0.618 Fib Level, we also have some confluence in the green line which is structural support.
Blue Box is the Buy-Zone which is between the 0.5 and the 0.6-0.65 Fibonacci Retracement Levels. On a Larger wave degree we are still waiting for wave 2 to complete. Waves a,b,c are part of the second wave of a larger degree.