Adam Eve bottom.
Broke Log down trend.
Broke 200MA.
We will re-test that MA, so a 0.618 retrace from the top of the bearish wedge.
The wedge isn't that big which is why the retrace can't test anywhere near the previous lows.
That truncated Eve bottom which confused everyone is signs of a big reversal. Others did point out correctly that it was a diamond bottom.
After C wave, we'll look and see if we go up or down..
The retrace will be the point of entry for those that haven't already bought in.
BCH Will retrace the same way and the keep moving up. I will update a BCH chart later.
Broke Log down trend.
Broke 200MA.
We will re-test that MA, so a 0.618 retrace from the top of the bearish wedge.
The wedge isn't that big which is why the retrace can't test anywhere near the previous lows.
That truncated Eve bottom which confused everyone is signs of a big reversal. Others did point out correctly that it was a diamond bottom.
After C wave, we'll look and see if we go up or down..
The retrace will be the point of entry for those that haven't already bought in.
BCH Will retrace the same way and the keep moving up. I will update a BCH chart later.
Note
Looks like a Typo, should be retrace to $7762.Note
Selling in tranches from $9000 - $9300Will re-enter a long position when the re-tracement is confirmed. (Cup 'N Handle)
Note
Always expect the unexpected.There are a lot of traders that are long now and are setting comfortable, we cold expect some stop orders to be hunted down out of this rising wedge.
So expect, its possible gap down to $7400. I'm only saying this 'cause the character of the market changed last few weeks with those Bart patterns...looks like stop hunting going on, gobbling up those coins.
Note
Be nimble and play this thing on the fly... we decide next course of action when we get closer to the end of B wave. The Bear isn't out of the woods just yet.Note
I'm saying that because BTC is crawling over this log trend down.She's not looking that enthusiastic is she!
Note
Time to get out?... for now.Note
Looks like BTC will make that final push to complete wave 5. Then retrace out of this wedge for a good entry point.Note
If we don't get past $9000 we going down.Currently looking week. Why stay in here for a few hundred pips?, there is too much resistance.
Note
I don't want to be alarmist, but it is distinctly possible, you've got a bout 6 hours to decide what you want to do.Note
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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.