I really dislike how the corrective waves are- but we are rolling with it. I have mapped out a plan for all the given situations on the chart.
Potential b leg on a corrective wave opportunity due to a bounce on the trendline, ema and RSI levels support this play.
Could be a really good pick up for a longer hold if the formation doesn't break down.
There is the chance it retraces higher (top of channel region) past the resistance target I have set due to how the previous corrective wave met the top of the channel.
This is setting up really nice on the 4hour for a knife catch.
This is NOT a buy OR a sell signal. I'm not a financial adviser and nothing I say is a fact, any losses made through these decisions do not hold me accountable and you should never invest more than you're willing to lose.
If you liked this short post, be sure to follow and like. It really helps out :D
~Xander
Potential b leg on a corrective wave opportunity due to a bounce on the trendline, ema and RSI levels support this play.
Could be a really good pick up for a longer hold if the formation doesn't break down.
There is the chance it retraces higher (top of channel region) past the resistance target I have set due to how the previous corrective wave met the top of the channel.
This is setting up really nice on the 4hour for a knife catch.
This is NOT a buy OR a sell signal. I'm not a financial adviser and nothing I say is a fact, any losses made through these decisions do not hold me accountable and you should never invest more than you're willing to lose.
If you liked this short post, be sure to follow and like. It really helps out :D
~Xander
Comment:
Target retracement hit much quicker, should be seeing levels of support at the 8.9k region.
Comment:
8900 Has hit and now we have found a doji. This is generally reliant on BTC making or breaking the flag line now.
Comment:
Something to note I didn't write about was that the RSI turned slightly early too- meaning it was confirming a corrective wave/ weak bounce.
Comment:
C leg continues down to the support trend lines~
Comment:
Approaching a trendline, and on a fibline level expect some sort of movement upwards. If BTC executes the move to 8900s this can fall through the trend and next support is fibline region. The bottom rounded kinda nicely too.
Comment:
BTC executed as the prior update stated, and currently trading inbetween the two fiblines.