Be carefull, don't get bulltraped. High chance that we are in one now.
Previous falls always retraced to 0.786 fib, then fall continued, and ended on WMA(200) line, with touching oversold zone on RSI, so high chance of repeating.
We have strong support on 5000, so fall should'n be ended below that poin, but it's crypto, and the panic is good way to buy more.
According elliot waves (4) should enden below wave (1), but we can break that level(previous hight 4970) short term, to cause some panic.
Previous falls always retraced to 0.786 fib, then fall continued, and ended on WMA(200) line, with touching oversold zone on RSI, so high chance of repeating.
We have strong support on 5000, so fall should'n be ended below that poin, but it's crypto, and the panic is good way to buy more.
According elliot waves (4) should enden below wave (1), but we can break that level(previous hight 4970) short term, to cause some panic.
Note
(4) should't ended below wave (1), sorryNote
I don't like to use such spikes as landmarks, but if price will go above 0.782 fib with 7365 price, so probably i was wrong in my idea.Note
Strong bear divergence Trade closed: stop reached
Seems that i messed something. Not sure where will market move now, but i will go to long positions only after RSI hits 30, or oversold zone.Note
missed*Note
Wow! That's Bitcoin, again! :) Some thoughts:
1. We are about to touch upper chanell that's regulary send bitcoin to correction after two touches, could it be the same this time?
2. Fibo 2 stends right on the channel line on 8200 price
3. All previous observations: RSI - no continuation signal, WMA(200) untouched.
Note
As evolution of idea:
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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.