Technical Analysis
Hey guys whats up? Let's talk about bitcoin looking bullish? iH&S? will rally go up? let's look it in brief. Last week we saw a little rally which took us too $6700 and we are falling ever since. What I think is we following an zig-zag 5-3-5 correction. Which contain 2 set of impulse(down) and a set of abc(up). We saw the first set of 5 waves couple of days ago u can see that on below screenshot
This completed the first 5 waves. After the 5 waves generally we see a abc correction and that's what I'm expecting instead of iH&S another reason for not considering iH&S as my primary count is the volume generally the iH&S is confirmed by volume & volume doesn't confirm in this case. Now let's count abc. I think the abc will be like this
After this abc I'm expecting another 5 waves down. which will complete the Y leg of the massive WXY Correction as we say in previous analysis. Now let's talk about indicators and my favorite one is MA. MA 20,50 Are not showing any bullish sign in daily time frame. If we talk about weekly the distance between these two MA is decreasing and may cross soon. Tha's all for now thanks guys for looking into it don't forget to leave a like. I'll keep updating the idea in the threads so don't forget too follow me.
Indicator
1. MA(20,50) - Still bearish
2. MA(20,50) - Bearish
Conclusion
So let's jump to the conclusion, what I think is that the bitcoin is following a 5-3-5 correction which will complete the Y Leg of the WXY Correction and will take us to $5000-$5200 Region
Previous Analysis
The WXY Correction
THANK YOU FOR YOUR SUPPORT
Hey guys whats up? Let's talk about bitcoin looking bullish? iH&S? will rally go up? let's look it in brief. Last week we saw a little rally which took us too $6700 and we are falling ever since. What I think is we following an zig-zag 5-3-5 correction. Which contain 2 set of impulse(down) and a set of abc(up). We saw the first set of 5 waves couple of days ago u can see that on below screenshot
Indicator
1. MA(20,50) - Still bearish
2. MA(20,50) - Bearish
Conclusion
So let's jump to the conclusion, what I think is that the bitcoin is following a 5-3-5 correction which will complete the Y Leg of the WXY Correction and will take us to $5000-$5200 Region
Previous Analysis
The WXY Correction
THANK YOU FOR YOUR SUPPORT
Trade active:
Trigger Order Filled
Trade active:
It was quick as expected so finally bear flag complete expecting a sideways moment before the further fall
Trade closed manually
