BTCUSD 4H WEEKEND UPDATE - 08/07/2018
Since 11,780.00 high where a cycle ended from 5,920.76, I propose a FLAT (3-3-5) which first sequence ended at 19/03/2018 low and then bitcoin bounced in a corrective 3 waves (FLAT again) to 9,948.98 high - 9,188.10 high / 6,427.16 low and 9,948.98 high. The last leg from 9,948.98 is proposed to have ended at 5,780.00 as RSI trendline is broken to the upside BUT that does not mean that we could have bought this level (daily is calling lower).
However, we have a motive 5 waves structures to the downside and enough swings to call the cycle from 9,948.98 ended but this structure can extend. Therefore, we have 5,780.00 as soft support and if you want to buy, do not open the stop lower, otherwise enter with a stop in the daily as per daily chart's green box.
In the RSI, we see a divergence forming and we have enough swing to the upside for the first cycle to end at current levels (marginal new high cannot be rules out) (purple 1).
Therefore, I don't like to buy at this level and would prefer to see a bullish sequence and buy the correction (purple 2) as long as we are above 5,780.00 for at least a bounce in a corrective 3 waves or to new highs.
Invalidation level to the downside remains 9,948.98 as in a bearish motive 5 waves, there is resistance but the origin of the move once the 3rd wave is completed.
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This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
Since 11,780.00 high where a cycle ended from 5,920.76, I propose a FLAT (3-3-5) which first sequence ended at 19/03/2018 low and then bitcoin bounced in a corrective 3 waves (FLAT again) to 9,948.98 high - 9,188.10 high / 6,427.16 low and 9,948.98 high. The last leg from 9,948.98 is proposed to have ended at 5,780.00 as RSI trendline is broken to the upside BUT that does not mean that we could have bought this level (daily is calling lower).
However, we have a motive 5 waves structures to the downside and enough swings to call the cycle from 9,948.98 ended but this structure can extend. Therefore, we have 5,780.00 as soft support and if you want to buy, do not open the stop lower, otherwise enter with a stop in the daily as per daily chart's green box.
In the RSI, we see a divergence forming and we have enough swing to the upside for the first cycle to end at current levels (marginal new high cannot be rules out) (purple 1).
Therefore, I don't like to buy at this level and would prefer to see a bullish sequence and buy the correction (purple 2) as long as we are above 5,780.00 for at least a bounce in a corrective 3 waves or to new highs.
Invalidation level to the downside remains 9,948.98 as in a bearish motive 5 waves, there is resistance but the origin of the move once the 3rd wave is completed.
Reminder: Don't forget to like, comment or subscribe to the channel. It helps me a lot to continue to post content. Much appreciate it.
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
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4H ASIA UPDATE - 10/07/2018View unchanged. Looks heavy here. Have to wait for RSI trend line to break for cycle to end. Until then push higher
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4H ASIA UPDATE - 11/07/2018cycle from 5,780.00 ended at 6,820.00 and correction is underway. RSI divergence is calling for another motive 5 waves to the upside. Correction is underway. More data needed to give levels to buy.
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4H ASIA UPDATE - 12/07/2018View still unchanged as long as above 5,780.00
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4H ASIA UPDATE - 13/07/2018RSI Divergence erased in 4h, so we are now in a double correction that will challenge our invalidation support at 5,780.00. View is maintained until the support holds but chances are now slim. If it fails, then alternate view as explained in video will prevail then.
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4H ASIA UPDATE - 16/07/2018RSI is at trendline and I need a break here and a new high to confirm that uptrend is resuming toward 9,948.98. Until then, bears have the advantage.
View remains unchanged
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4H ASIA UPDATE - 18/07/2018View unchanged.
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4H ASIA UPDATE - 19/07/2018bitcoin is following the path and RSI is turning down. Looking for divergence in coming sessions. Anyhow, still no setup in btcusd for now
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4H ASIA UPDATE - 21/07/2018a sequence from 6,072.00 low has ended at 7,696,88. Question now is either the cycle from 5,780.00 is completed as well or we will go into a 4th wave as per preferred view. As mentioned earlier, I don't like to buy at those levels. Other altcoins have correcting deeper and reached their respective equal leg area within the correction, so I expect cryptocurrencies higher in general.
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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.