JoelRBishop

Two Possible Correction Paths After 3D Ichimoku TK Cross

Short
JoelRBishop Updated   
BINANCE:BTCUSDT   Bitcoin / TetherUS
First we take the 1D Kijun line and add it to our 3D chart where we recently observed the TK cross to the downside. This will serve as a major level that we could revisit in the short term.

Second we look for our long term support area. I see this being around 30k due to volume and the long/flat areas of the 3D Kijun and the 3D Cloud.

Third we look for an alternate path if we were to continue to the downside in the short term rather than revisiting the 1D Kijun. This would probably be Senkou Span B which is the bottom of the 3D cloud.

Ultimately, whichever route we take in the short term, should result in a continued consolidation within the 3D cloud before we breakout to the downside towards Long Term Support.

Comment:
the third wave is often the longest, but never the shortest
Comment:
late shorts get rekt, be safe
Comment:
Making our way into the 3D Ichimoku cloud now. Bottom of the cloud/support currently about 35k
Comment:
Trade closed, target reached
Comment:
Looks like we should head back to the top area of the cloud now which would resemble the alternate path that we mentioned initially. We seem to have found support on the bottom of the 2D ichimoku cloud at the moment which could spring us back to the top side.
Comment:
Should have stuck with my original short plan longer. Cloud is always right but I didn't think it would drop that far in a straight shot
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.