As most indicators indicated, BTC has started retracing the recent bull run.
Bears seem to have taken a pause upon reaching 0.382 level, which coincides nicely with a resistance.
If bears confirm this pause, we can expect a retest of previous green support as a new resistance, which coincides very nicely with 0.236 fib level.
The red zone would be a nice price action to enter a short position upon confirmation of a local top, targeting the green zone with a safe TP1 at 0.5 level, and a riding winner looking down to a potential golden 0.618 retracement.
Before this short trade, day traders may try to scalp the B wave with a small long going against the bearish trend of the moment. For those who can afford to stay in front of their screen in this christmas period ;-)
After such a textbook move, who knows ? Retest the 3k zone for a double bottom ? Shoot up to the 5k zone in a healthier fashion after this consolidation ?
Bears seem to have taken a pause upon reaching 0.382 level, which coincides nicely with a resistance.
If bears confirm this pause, we can expect a retest of previous green support as a new resistance, which coincides very nicely with 0.236 fib level.
The red zone would be a nice price action to enter a short position upon confirmation of a local top, targeting the green zone with a safe TP1 at 0.5 level, and a riding winner looking down to a potential golden 0.618 retracement.
Before this short trade, day traders may try to scalp the B wave with a small long going against the bearish trend of the moment. For those who can afford to stay in front of their screen in this christmas period ;-)
After such a textbook move, who knows ? Retest the 3k zone for a double bottom ? Shoot up to the 5k zone in a healthier fashion after this consolidation ?
Comment:
After 48h of sideways volatily, we could still be waiting for a true wave B, but we could also argue that wave C has already started.
At this point, my Elliott count favors an incoming down trend after the tiny retracement upwards which occured up to 4k.
Careful traders are probably waiting for a clear entry. My only clear call now would be a 3650 long entry if most indicators align upwards, signaling the end of wave C and a new bullish impulse on mid term.
At this point, my Elliott count favors an incoming down trend after the tiny retracement upwards which occured up to 4k.
Careful traders are probably waiting for a clear entry. My only clear call now would be a 3650 long entry if most indicators align upwards, signaling the end of wave C and a new bullish impulse on mid term.
Comment:
Retrospectively : the golden pocket was finally reached for a long entry, but sideways action remains unclear, and in the first hours of 2019 we are waiting for a clear direction ! Happy new year !
It is also to time to observe carefully this move up, and be ready to open a short position upon confirmation of a continuation downwards for a wave C. The 4100 area would be a perfect sell zone, but we might not get there before moving down again...