Short

Bitcoin , will it break 12.5K or not? Update 4

Updated

Everything seems to be going as planned and predicted.
the triangle is broken and we are in wave 5.

I personally don't think it can break the 12.5k level for couple of reasons
1- it is a fibo level
2- it is a resitance level
From the RSI and detrended price oscillator ( DPO ) point of view we are close to an important resistance level:

I might not short it but I will close my position on that level for sure and wait for a pullback.

I don't think RSI and DPO can break the resistance level as we are already close to oversold area
I will keep you update under this post for the whole next week :)

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I updated the wave count

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the previous chart was 5min one
this is the 30 min chart and the expect target of wave 5

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Went exactly as predicted :)

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I am expecting this wave count to happen.
we are on wave A of the bigger correction

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wave C was much smaller than what I tought
this is the road map

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I add double scenarios on the chart,
these 2 option can happen and I have added the count for each one

Blue: the correction is over and we are in wave 5
Yellow: the correction is not over yet

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complete correction wave count

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the assumption of 5 was is invalidated now because we hot wave 1:

so it an abC.
the possible wave count :

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the 5min chart

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this is the 30 min chart

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this is the 30min chart

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I just realised I missed one wave :D. the uptrend is over now

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we hit the invalidation level for down trend
we will be still in correction
still bearish but we are in the correction

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possible scenario ?

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I am short

Trade closed: target reached

Job done :)
see you next week

Note

Trade closed: target reached

Analyticssage

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Bitcoin , will it break 12.5K or not? Update 3

by Analyticssage

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