BTC completion of Starting Ascending Wedge Impulse Wave?
Observations:
- Currently TD 9 (4-hourly). It's worth noting that the TD 9 (4-hourly) brought about a 6-20% retracement for the three most recent completed TD counts on the 4-hourly.
- Currently TD 8 (Daily). Possible TD 9 (Daily) tomorrow (8th April 2020) signalling a possible pullback.
- Approaching 7700 resistance zone
- MACD and RSI negative divergence
BTC could be completing an Ascending Wedge Impulse Wave (as shown on the 4-hourly). This move could be the the starting impulse wave of higher degree Wave ((1)).
It is possible that the higher degree Wave ((3)) coincides with the BTC halving. In Elliott Wave Theory, Wave 3 is usually the largest and most powerful wave in a trend.
With these observations, we could see a correction back to the 5800 support level (formation of higher degree Wave 2) or we could see BTC range sideways as we approach the halving, which would trigger the start of Wave ((3)).
- Currently TD 9 (4-hourly). It's worth noting that the TD 9 (4-hourly) brought about a 6-20% retracement for the three most recent completed TD counts on the 4-hourly.
- Currently TD 8 (Daily). Possible TD 9 (Daily) tomorrow (8th April 2020) signalling a possible pullback.
- Approaching 7700 resistance zone
- MACD and RSI negative divergence
BTC could be completing an Ascending Wedge Impulse Wave (as shown on the 4-hourly). This move could be the the starting impulse wave of higher degree Wave ((1)).
It is possible that the higher degree Wave ((3)) coincides with the BTC halving. In Elliott Wave Theory, Wave 3 is usually the largest and most powerful wave in a trend.
With these observations, we could see a correction back to the 5800 support level (formation of higher degree Wave 2) or we could see BTC range sideways as we approach the halving, which would trigger the start of Wave ((3)).
Trade active:
Strong break of trendline after TD 9 (Daily) as mentioned above.
Possible retracement before testing 6000 again to start wave(1) of higher degree wave ((2)).
Possible retracement before testing 6000 again to start wave(1) of higher degree wave ((2)).