As mentioned in our previous analysis on Bitcoin (www.tradingview.com/...ready-for-an-upmove/), although the cryptocurrency was getting ready for an up move, this move to the upside (which is currently happening) remains a correction for future downside. In other words, the big daily / weekly upwards impulse everyone is waiting for, is still very far from happening as it stands now. This however, does not mean one shouldn't be trading within the corrections, if the structures are correctly analysed and interpreted. To those who bought the break of the trend after the completion of the "B" wave (big regular flat, in yellow), well done. We recommend putting your stops in BE now, as the B wave could possibly not be complete as yet, and we might be finding ourselves in complex B wave with a running flat in the middle (ABC in pink). Once your stops in BE, just wait and see whether the action brings the price further up to complete the big regular ABC flat type pattern, or it reverses. Another option, is to take profit when the price reaches the 9250 area, that way, if it reverses very fast, you will at least have taken the profit out of your positions. Regardless of the fact that we might be in a more complex B wave with a minor running flat in the middle or not, once the bigger structure has completed its "C" wave (in yellow), it will still come for one more big downwards move to retest previous weekly lows.
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Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.