So we can see we have found trendline support currently, but will it hold?
Here is something interesting, if I take a fib extension, and pull from W-X-Y, you can see that we've hit the 100% fib level, and found firm resistance at the 0.786! So we can see the Algos are at work.
Currently as far as I can see, we've double topped and are now retracing, and at this point in time, I'm seeing this as an extended correction, HOWEVER...we still have 2 possible BULL scenarios on the table!
BULL SCENARIO = We can still count this as a wave 1 up, and now we are coming down for our wave 2. This possibility is always on the table until we retrace past the origin of wave 1.
INVERSE HEAD AND SHOULDERS SCENARIO = If we break through the top black trendline, and continue our correction down, there is the possibility, that if we bounce of the bottom black trendline, we could be shaping up for a perfect inverse Head and Shoulders pattern. So ill be definitely watching for that potential.
However until then, it'll take me a lot of convincing before I go long. I'll be looking to enter, either when It reaches my buy zone, because I can't see it dropping past there, unless it continues following BTC down, but by then ill have more data to work with, then I can do a more detailed count.
I will also consider entering, if I see a solid bounce off the trendline we've found support at now for a quick scalp, but I don't see the market strong enough to push it up at this point. Also I have never found trendlines to be reliable/strong supports, unless correlated with a fib level.
So for now, I'm watching to see where it could land, and how it reacts when introduced to each fib level / trendlines, but as far it goes for now, we double topped and are retracing.
Thanks
**NOT FINANCIAL ADVICE, JUST SHARING WHAT I SEE**
Here is something interesting, if I take a fib extension, and pull from W-X-Y, you can see that we've hit the 100% fib level, and found firm resistance at the 0.786! So we can see the Algos are at work.
Currently as far as I can see, we've double topped and are now retracing, and at this point in time, I'm seeing this as an extended correction, HOWEVER...we still have 2 possible BULL scenarios on the table!
BULL SCENARIO = We can still count this as a wave 1 up, and now we are coming down for our wave 2. This possibility is always on the table until we retrace past the origin of wave 1.
INVERSE HEAD AND SHOULDERS SCENARIO = If we break through the top black trendline, and continue our correction down, there is the possibility, that if we bounce of the bottom black trendline, we could be shaping up for a perfect inverse Head and Shoulders pattern. So ill be definitely watching for that potential.
However until then, it'll take me a lot of convincing before I go long. I'll be looking to enter, either when It reaches my buy zone, because I can't see it dropping past there, unless it continues following BTC down, but by then ill have more data to work with, then I can do a more detailed count.
I will also consider entering, if I see a solid bounce off the trendline we've found support at now for a quick scalp, but I don't see the market strong enough to push it up at this point. Also I have never found trendlines to be reliable/strong supports, unless correlated with a fib level.
So for now, I'm watching to see where it could land, and how it reacts when introduced to each fib level / trendlines, but as far it goes for now, we double topped and are retracing.
Thanks
**NOT FINANCIAL ADVICE, JUST SHARING WHAT I SEE**