WXYXZ corrective pattern for Bitcoin
Now we have two scenarios. Firstly we get the extended WXYXZ corrective pattern (a triple wave combo) as shown on that chart, or we break $4174 resistance and get one more leg up. I have limit orders placed should resistance break for a long scalp, but for my overall positions I have orders set aside for hitting the above two targets where I will be adding to my laddered short positions (4266 and $4400). Overall the this weekend has been very low, and I hope it will pick up for the weekly candle close tonight where I will be scalping the low time frames with the increased , $3955 is short term support after seeing a triple bottom on the 1hr timeframe, and this is a level I will factor into my trades moving forward. Secondly resistance holds and we form our extended correction where will be looking for the Z coming down to just below the 0.382 moving down to the 0.5 should support break. The second X wave that we are seeing now can move up to $4174 but no higher or we will break up in my opinion as a lot of orders are placed there. I will be scalping this move either way, but for total transparency my count favours the WXYXZ I will not complain though should we move up to fill my higher ladders shorts. My expertise is as a scalper but wanted to post a larger picture for Trading View.
Short term i remain neutral. Mid term . Long term .
Hope you have enjoyed my view and how I'm trading Bitcoin , and if you would like to discuss my count just drop a comment.
Have a great Christmas everyone (will we see a low move on the day?!)!!
As mentioned in my above post a break of $4174 would be the sign to open a long position for the next Wave up. In the end it was a WXY and then break upwards which i covered in detail that was my alternative count.
Have a brilliant Christmas everyone, happy trading!!