This is an early call, as this could still be wave 5 playing out as my last Bitcoin chart target has. But with a strong move down like this, it's important to start considering a possible ABC correction for the next couple of days back to 10,220 area. Then start another impulse 5 waves up. This is meant for someone who day-trades. Simply educational, you should make your own trades.
Comment:
only way you should trade this is after you confirm where A leg is. I personally think it will be either the 78.6 or 61.8. If it goes to 78.6 then expect C to land on the 88.6, if it bounces off the 61.8, expect C to land on 78.6. Leg B can go anywhere as long as it doesn't pass the end of leg 5, so I am just looking at important areas for B to get rejected.
Trade active:
Just looking for C now, anything past the 23.6 below it will invalidate it and we can expect further moves to the downside. Volume disagrees and we should have strong demand showing up soon once we move down to the 10,200 area. Less and less people are showing interest in selling their bitcoin, so that only means one thing - up up up.
Right now we are printing hidden bullish divergence on the 4hr, and this will most likely not be invalidated, but rather grow some more as we move down for a C wave.
Right now we are printing hidden bullish divergence on the 4hr, and this will most likely not be invalidated, but rather grow some more as we move down for a C wave.
Trade closed: target reached:
Target has been reached. This is where I expect a reversal back for another 5 wave impulse. We could maybe double bottom off of wave 4 bottom, but I do not expect price to exceed lower or I will have to assume lower prices.
Hidden bullish divergence printing still, but be careful as demand to sell increases, this could be invalidated.
Hidden bullish divergence printing still, but be careful as demand to sell increases, this could be invalidated.
Comment: