I posted this a couple weeks back and bitcoin hit my first target for this C wave. Now, there are a lot more indicators with confluence telling me we go up to around 12,200-12,400 but that would bring us out of this flag like channel where we would most likely see tons of buying pressure and I would probably throw out this plan, as this is what is more probable since we overextended past 11,600 which was my C wave target, and the volume looks very 3 wave(ish). So I would expect a 4 and 5 wave up to around 12,200-12,400, but not leaving this idea out as this is typical price action for markets to follow. To discuss the 'bearish' scenario, which is really overall bullish, we pull back for a ABCDE triangle out of here where we can go dance on the moon together as that would be a bullish continuation signal to me. I hope for that and that is what I am trading for primarily as it is a safer swing trade for me.
Indicators right now are the bearish divergence on the 4hr as RSI is printing higher which could be invalidated as price pushes up there, but I really don't think it will. Volume is looking great as we are steadily increasing which tells me buyers are liking this and want to keep it going. It's very simple, there is little reason to believe we go down to 8000s or lower, that is just pessimistic thinking as all the indicators say more increase to come for price. Anyways, good luck out there everyone. This is not financial advise.
Indicators right now are the bearish divergence on the 4hr as RSI is printing higher which could be invalidated as price pushes up there, but I really don't think it will. Volume is looking great as we are steadily increasing which tells me buyers are liking this and want to keep it going. It's very simple, there is little reason to believe we go down to 8000s or lower, that is just pessimistic thinking as all the indicators say more increase to come for price. Anyways, good luck out there everyone. This is not financial advise.
Note
But the bearish divergence at the top of the bull flag / channel, just is not a buy signal for me. I would not buy at the top of a channel. Only entry would be taken off a clean break and retest off the top of channel. Other entry would be around 10,550 to try for that ABCDE.Trade active
Even if you count the waves, I don't believe you can argue this wave count as volume agrees with all my wave 3s. Anyways, we overextended wave 5 and it makes sense to pullback now.Note
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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.