This is more of a longterm chart. But since the volume is so bad and the range is getting tighter and tighter it's very dangerous to trade here. What i am looking for now is a break above the blue triangle either up or down. For a break above it, i look for a 8,5k USD target. and for a break below 5800 (0.236 fib) i look for a target at 4500-4100 USD.
I am more on the bearish side of this sprectrum. Due to the reason that if we reach (e), and it proves to be a huge resistance, it states that it would be the end of the ABCDE, and it will go outside the current range and target 4500-4100 USD.
I am more on the bearish side of this sprectrum. Due to the reason that if we reach (e), and it proves to be a huge resistance, it states that it would be the end of the ABCDE, and it will go outside the current range and target 4500-4100 USD.
Comment:
We did hit our (e), which proved to be a huge resistance. According to Elliot wave theory, after finishing the ABCDE waves, it is now expected the we break below the intial triangle we had, we the next target at 5800.
