BTC Ellliott Wave analysis
Updated
This is my primary count for btc, where i believe we are doing a 4 wave, that might form a clear triangle in 1 to 2 days, before going for the 5 wave for the last leg up, the targets that i have put up are a combination of fib extensions and previous resistances/supports, seeing the ichimoku cloud being very flat at the 9k region, and it being a strong psychological number, and right next to a fib extension, if the rsi ends up presenting the bearish divergence that i think it will do, this might be a good time to sell.
as i do think this is a triangle, i recommend waiting for another leg down before buying, so you can have the best risk to reward possible, the stop should be at about 7.8k.
as i do think this is a triangle, i recommend waiting for another leg down before buying, so you can have the best risk to reward possible, the stop should be at about 7.8k.
Trade closed: stop reached
btc hit 7.7k, bellow the 7.8k stop.
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