The ABC I had on the prior bullish impulse was not an ABC but confirmed to be a full 5 wave bearish impulse now that it has broken below the 3/C point at 8400.
This means bias should be bearish until it reaches the prior support region near 7200 which is also the 1.618 extension of the 1 to 3 range on the bearish impulse.
From there my plan is to watch for bullish accumulation. This low price could be an incredible gift from the trading gods because it's likely to make a parabolic move upward as the halving date starts to get heavier rotation in the media.
Today I scalped short on BTC and BNB coin. I closed the BTC short and have some of the BNB short, I will close it out when BTC is near 7200.
I'll be looking for BTC shorts mainly in the S/R region marked by the red box on the chart over the next few days.
Ichimoku also says this is a short but I think it's kind of late since it missed the 4 wave entry which is the best place to trade elliot wave IMO.
The expected bullish reversal from 7200 will also probably not be well indicated by ichimoku since it is well below the cloud.
This means bias should be bearish until it reaches the prior support region near 7200 which is also the 1.618 extension of the 1 to 3 range on the bearish impulse.
From there my plan is to watch for bullish accumulation. This low price could be an incredible gift from the trading gods because it's likely to make a parabolic move upward as the halving date starts to get heavier rotation in the media.
Today I scalped short on BTC and BNB coin. I closed the BTC short and have some of the BNB short, I will close it out when BTC is near 7200.
I'll be looking for BTC shorts mainly in the S/R region marked by the red box on the chart over the next few days.
Ichimoku also says this is a short but I think it's kind of late since it missed the 4 wave entry which is the best place to trade elliot wave IMO.
The expected bullish reversal from 7200 will also probably not be well indicated by ichimoku since it is well below the cloud.
Comment:
The 4 hour chart was more useful for finding 4 waves in both directions using ichimoku than the day chart, I'll be watching that timeframe more closely when looking for accumulation at the expected low.
