Keep an eye on the 4-hour RSI as it approaches its support line. Bouncing off or breaking through the support line correlates fairly well with the price wedge BTC is hanging out in. If we see a bounce with volume here fairly quickly, we should see a completion of wave 3 that could bring us to the 1.618 ext of wave 1 ($7,000).
As a reminder, this could still be a large ABC correction rather than an impulse wave. Either way, my plan is to exit at the close of 3 (or "C"). If we bomb down after that I will have taken my profits. If it appears that wave 4 closes at roughly a 50% retracement of wave 3 and BTC is turning around with volume, I may also play the 5th. The bigger takeaway for me at this stage is keeping an eye on 4-hour RSI and see how it responds to that approaching support floor.
As a reminder, this could still be a large ABC correction rather than an impulse wave. Either way, my plan is to exit at the close of 3 (or "C"). If we bomb down after that I will have taken my profits. If it appears that wave 4 closes at roughly a 50% retracement of wave 3 and BTC is turning around with volume, I may also play the 5th. The bigger takeaway for me at this stage is keeping an eye on 4-hour RSI and see how it responds to that approaching support floor.
Comment:
No huge changes, just waiting for that 4-hour RSI to approach support.
Comment:
Still working on the close of wave 3, so far so good. heading towards my target of 6850-7000.