BITCOIN TA
Well that wasn’t very nice! However, with this post dump, the chart pattern becomes a little more clearer with its story.
The downtrend today could the extension of a corrective wave (A) and illustrates that we have finished a 5 wave move to the upside.
INDICATORS OF THE 5 WAVE MOVE:
DAILY CHART LOOK:
If this was a wave (1) on the daily chart, the natural retracement would fall between the $20,757 and $19,695 level.
POSSIBLE TRADING STRATEGY:
If this is a 5 move down to compete the (A) wave, the retracement would peak at (iv) at the 38.2 fib level. There SHORT SELL at $22,580 to ~$20,780.
LONG at ~20,780 to ~22,414.
SHORT again at ~22,414 till ~19,724
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Well that wasn’t very nice! However, with this post dump, the chart pattern becomes a little more clearer with its story.
The downtrend today could the extension of a corrective wave (A) and illustrates that we have finished a 5 wave move to the upside.
INDICATORS OF THE 5 WAVE MOVE:
- The common fib level for a wave (3) is 161.8% of wave (1).
The common fib level for a wave (4) is the 38.2% level of the overall move.
The end of wave (5) coincides with the August Supply Level.
DAILY CHART LOOK:
If this was a wave (1) on the daily chart, the natural retracement would fall between the $20,757 and $19,695 level.
POSSIBLE TRADING STRATEGY:
If this is a 5 move down to compete the (A) wave, the retracement would peak at (iv) at the 38.2 fib level. There SHORT SELL at $22,580 to ~$20,780.
LONG at ~20,780 to ~22,414.
SHORT again at ~22,414 till ~19,724
**NOT FINANCIAL ADVICE** - Leave a LIKE and drop a COMMENT and tell me what you think.