BitcoinLong
Such a nice bottom, it was worthy of a second touch...
Short tern traders can see the obvious fib and channel resistance above on the hourly. That remains a good target for the shorter term swing trader. But a look at the daily and I want to remain long and strong. It's literally a text book Elliott count. Simple correction in the Wave-2 followed by a complex correction in the Wave-4. Support found at the 38.2%. A double bottom check on the support via the hourly. A stop below the recent pivot low as the potential Wave-4 low and you can get this with a 6-to-1 risk reward. Yes, I know it's likely to be choppy with the scaling issue hanging over BTC but if you wait for it to be "safe" you'll never be in the market. Get a piece even if just a small one to be there if it starts to run as the Wave-5.
Crypto Trading and Education - goo.gl/AUxrWz
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Crypto Trading and Education - goo.gl/AUxrWz
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.