TL;DR
I am expecting a slight pump (motive) wave inside the correction that we are in right now.
(see 'c' to 'd' purple line).
This MAJOR correction started when BTC fell from 10k and it *COULD* end at $4.7-5k over the next coming weeks. But we shall talk about this point when we reach it.
Right now, we are in a 3rd subwave of correction which should be followed by a 4th motive wave of rising prices.
But first, I'd like it to hit $5.5-5.8k so it would finish the current "mini" wave of correction.
At $5.6k it would also hit the 0.236 Fibonacci Retracement which means it should've expanded it's downwards energy.
At the moment RSI & MACD don't tell me too much - they look neutral at the moment, even on short candles like 2h. I'd rather wait and see what happens next.
StochRSI says "oversold" - but this is just one indicator out of many, and the rest are not so positive.
BTC price struggles to breach MA(100) on 2h candles in the last few days - i will not that put that on the chart because it will look even more heavy.
I'll be waiting at that $5500-5800 level for an entry
OR
Having a buy-stop at 6200 ish and expecting to sell it fast or with a trailing stop loss.
Also, I'm watching that resistance at 50 RSI for any signs of breaking towards bull territory.
If you like this chart & analysis, please make sure to upvote - It really helps.
I am expecting a slight pump (motive) wave inside the correction that we are in right now.
(see 'c' to 'd' purple line).
This MAJOR correction started when BTC fell from 10k and it *COULD* end at $4.7-5k over the next coming weeks. But we shall talk about this point when we reach it.
Right now, we are in a 3rd subwave of correction which should be followed by a 4th motive wave of rising prices.
But first, I'd like it to hit $5.5-5.8k so it would finish the current "mini" wave of correction.
At $5.6k it would also hit the 0.236 Fibonacci Retracement which means it should've expanded it's downwards energy.
At the moment RSI & MACD don't tell me too much - they look neutral at the moment, even on short candles like 2h. I'd rather wait and see what happens next.
StochRSI says "oversold" - but this is just one indicator out of many, and the rest are not so positive.
BTC price struggles to breach MA(100) on 2h candles in the last few days - i will not that put that on the chart because it will look even more heavy.
I'll be waiting at that $5500-5800 level for an entry
OR
Having a buy-stop at 6200 ish and expecting to sell it fast or with a trailing stop loss.
Also, I'm watching that resistance at 50 RSI for any signs of breaking towards bull territory.
If you like this chart & analysis, please make sure to upvote - It really helps.
Trade active:
Well, well, well....
So we hit best case scenario.
Right now it's 60/40 chance to go further upwards towards 7.2k or to go down towards 5k.
If my assumptions are correct, 7.2k is more likely.
So we hit best case scenario.
Right now it's 60/40 chance to go further upwards towards 7.2k or to go down towards 5k.
If my assumptions are correct, 7.2k is more likely.