Simple 5 wave count on the 2-hour chart here.
I have set my limit buy order where wave (5) is equal to wave (1) taken away from the end of wave (4)
Take Profit 10141
Stop Loss 8907.08
Let's go!!! Good luck on this!!
Not financial advice - take this trade at your own risk - I am not responsible for any gains or losses that you may incur
Great opportunity here to take advantage of bullish divergence during a bullish market.
Wave 3 was almost exactly 1.618 * wave 1, so Elliott Wave Theory states that wave 5 will be around the same length as wave 1.
I am waiting to see a higher low on the RSI and MACD histogram while seeing a lower low in price to confirm entering into this trade (on the 2 hour...
Buy zone = 11520 to 11460
Stop loss = 11441.57
Take profit = 11548 to 11596
I am looking for bullish divergence on the RSI and MACD to confirm the entry to this trade.
I like this trade a lot because there is also an upward trend line that will act as a support if the price drops down to it.
I will take this trade with my own money - this is not financial...
It looks like Bitcoin could be forming an ending fifth wave diagonal that signals a potential sharp reversal to the downside ahead. For this to be the case, the price needs to push up to the local highs at around 12400 before dropping sharply.
If the price pushes up once more, I will look for bearish divergence on the RSI and MACD histogram as extra confirmation...
Finally after all the choppiness we had a nice impulse! I am now looking at 2 possible scenarios, of which I prefer the bullish.
Bullish scenario: I am looking to enter a new position at the 50% and 61.8% fibs of this impulsive move. If we have just printed a wave 1 leading out of the four, we will be seeking new highs. There's heavy resistance at 11k...
4H chart on the BTCUSDT Perpetual Future on Binance.
BTC is moving into a key channel at 9000-9450. Consolidating below or above these levels would be key for any further movements.
On the 4H chart, current set up seems to justify a restest of 9450 levels. Confirmation above will set the price up to 9600 - 9700 area, two long term resistance points. I would set...