BTCUSD Corrective Count (H4)
Updated
Based on the reverse divergence on the D1 chart it's more likely for BTCUSD to move higher. With that assumption the upside target would be a minimum of $429.80 with higher prices being likely. Once the WC completes expect a final leg down that targets $320. If it's still bearish I expect $260 to be tested.
Trade active
Going long with stops below the market. See updated imagine in the attached note.Note
Order cancelled
Cancelled the order since price is below a critical level. I'll re-enter longs above 381. The risk is the lowest to enter here however. It still presents an excellent RR trade.Note
Moving nicely towards target...Trade closed: target reached
Expecting a correction from this level. Since it's 90% to the target it's better to exit now.Note
My bullish target is still $451. Looking for a correction to add longs.Note
We are either at a top or about to have a correction. If this isn't the top then expect $451 before any possibility of a reversal.Trade active
Shorted at the top, posted late but I indicated before $451 was my entry for shorts. Exit 1/2 at profit, exiting the rest @ $420. This will either be the high or we have one more leg higher. Will be building shorts from here on in. If it's bearish $320 is the minimum target. Good luck.Trade closed: target reached
Exited remaining 1/2. Still much more downside potential however there's a likely leg higher coming. It's unclear if the expansion wave will make new highs. I'll be looking to enter larger positions on this rally.
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.