Hi guys,
As i see it we've made the first ABC-correction so far. If we bounce off the downtrend channel at around previous support 10.3 we'll complete the "B" of the second ABC-correction and the next bottom might be the "Y" of the WXY pattern AND the "C" in the second ABC pattern.
There's a small chance that we will bounce back down off the 10k previous support, and if so I'm not playing it in any way yet.
I personally expect another bounce off the top downtrend channel and then we might start looking for gthe bounce for the 3rd wave in the bigger picture Elliot Wave structure. The bounce could happen at either the 0.382 or 0.5 FIB imo. That's why I'm personally rebuying 5% of my 10% at the 0.382. Does it bounce I will buy the remaining 5% right after. If not I will rebuy the last 5% at the 0.5 FIB level and hold on.
Please also notice the RSI's oversold state which indicates we coild go back op to the top of the trend channel before heading back down.
As i see it we've made the first ABC-correction so far. If we bounce off the downtrend channel at around previous support 10.3 we'll complete the "B" of the second ABC-correction and the next bottom might be the "Y" of the WXY pattern AND the "C" in the second ABC pattern.
There's a small chance that we will bounce back down off the 10k previous support, and if so I'm not playing it in any way yet.
I personally expect another bounce off the top downtrend channel and then we might start looking for gthe bounce for the 3rd wave in the bigger picture Elliot Wave structure. The bounce could happen at either the 0.382 or 0.5 FIB imo. That's why I'm personally rebuying 5% of my 10% at the 0.382. Does it bounce I will buy the remaining 5% right after. If not I will rebuy the last 5% at the 0.5 FIB level and hold on.
Please also notice the RSI's oversold state which indicates we coild go back op to the top of the trend channel before heading back down.
Comment:
BTC failed on the 10K on the previous try and is now testing it once more on the hourly chart.
Comment:
BTC broke through and is now closing above the 10k resistance. Sell target is now (and still) when a bounce off the top channel line is confirmed.
Comment:
Sell target hit and and still dropping. Buy when happy.