Updated
ACB Alternative Count
If you want to play for a bounce, levels of confluence are where you scale in. The next level of confluence appears to be $8.75 (thank you, Cryptowaveman).
The extremes of the falling wedge cross each other at around $8.50. The FIB 0.786 from the initial spike resides around $8.40, the 1.618 extension of waves 1-2 of the final C wave resides at $8.77. So the area between $8.40 and $8.80 has the potential for a bottom. In addition, one should not ignore the fact that falling wedges are bullish, so playing for a break out from these levels is a good idea.
Of course, the other count I have been following, isn't invalidated, and the set up is rather fragile, in my opinion. There is no momentum, and we should definitely be careful, not to get stuck in a bull trap. Any break out could confirm the wedge, then sell off. Fake out... That gap down there is lingering. Not all gaps get filled, so... will this one?
Trade safe!
The extremes of the falling wedge cross each other at around $8.50. The FIB 0.786 from the initial spike resides around $8.40, the 1.618 extension of waves 1-2 of the final C wave resides at $8.77. So the area between $8.40 and $8.80 has the potential for a bottom. In addition, one should not ignore the fact that falling wedges are bullish, so playing for a break out from these levels is a good idea.
Of course, the other count I have been following, isn't invalidated, and the set up is rather fragile, in my opinion. There is no momentum, and we should definitely be careful, not to get stuck in a bull trap. Any break out could confirm the wedge, then sell off. Fake out... That gap down there is lingering. Not all gaps get filled, so... will this one?
Trade safe!
Note
Note
Nope. The other count holds...
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🅱🄰🆁🅺🆆🄾🆁🆃🅷
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.