BTC/USD - Not time to SELL
Updated
I strongly recommend you to make the transaction as an investor. Not only do you increase the ratio of WINS but also have time for ourselves.
Practice observing the market in a way that previous reviews (large time frame W1, D1), then make a more detailed analysis (small time frame H4, H1, 15m).
The current medium-term trend is the rising trend, thus opening a short position is very dangerous and should consider carefully.
1. In time-frame D1, buying volume remains very strong, and shows the market is still high, expected the uptrend is still continuing.
2. According to the Elliott wave, basically there will be 2 types of waves: Impulsive waves and Corrective waves (sideways trend)
In uptrend, Impulsive waves are waves up and Corrective waves are waves down.
There are 2 corrective waves at $5000 and $8000. Currently, after rising to $13000, corrective waves happen again. That means BTC will go sideways $10000 - $13000.
After finishing the corrective wave, along with the great buying volume, we expect BTC to continue to increase - next target $17200.
Conclusion
- Who is holding the BTC continue to hold, and it's not the right time to buy altcoin/BTC.
- Who keeps USDT wait corrective waves ended, I will update the position in next analysis.
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Practice observing the market in a way that previous reviews (large time frame W1, D1), then make a more detailed analysis (small time frame H4, H1, 15m).
The current medium-term trend is the rising trend, thus opening a short position is very dangerous and should consider carefully.
1. In time-frame D1, buying volume remains very strong, and shows the market is still high, expected the uptrend is still continuing.
2. According to the Elliott wave, basically there will be 2 types of waves: Impulsive waves and Corrective waves (sideways trend)
In uptrend, Impulsive waves are waves up and Corrective waves are waves down.
There are 2 corrective waves at $5000 and $8000. Currently, after rising to $13000, corrective waves happen again. That means BTC will go sideways $10000 - $13000.
After finishing the corrective wave, along with the great buying volume, we expect BTC to continue to increase - next target $17200.
Conclusion
- Who is holding the BTC continue to hold, and it's not the right time to buy altcoin/BTC.
- Who keeps USDT wait corrective waves ended, I will update the position in next analysis.
** If you like our content follow our profile (tradingview.com/u/DrDarvas/) to get more daily ideas. **
Comments and likes are greatly appreciated.
Note
In H1 - small time frame, we can see that the selling volume is quite high. The price has not formed a complete pattern, so it is not the time to buy now
But that doesn't mean I support short
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