BTCUSD - Outlook and where to look

Updated

Looks like today is the day correction begins. RSI reversed clearly and Godmode crossed over. On the chart is where I think key levels are and the arrows represent what I think price action will do on the way down, I tried to draw them reasonably accurately. Open long trades anywhere within the green box as long as we have reversal confirmations to then begin wave 5.

Note

Too late to edit the idea but I've updated the hard support to reflect it's true nature. It's a zone, not a line.

Note

Note: If the bottom of the hard support area is breached it means the wavecount must be redone, as it means wave 3 shown in the chart above is actually wave 5, and price action will look different for the correction.The hard support in that case is $1200.

Note

Trade going as planned. prepare for the next leg down to 3980 level

Note

Trade still going as planned, after everyone else said to open long trades because of the small upwards correction. Keep your shorts on.

Trade active

Note

Bounced perfectly as predicted.

Idea continues in part 2 here

BTCUSD - Outlook and where to look - Part 2 (we were right!)

jgj

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.