Recently we have seen BTCUSD bounce around from a previous resistance zone down to its relative support zone. Both connections had some nice wicks that allowed for some great scattered entry points. These bounces have begun to setup a new directional shift if we look at the first resistance zone as completing wave 1 and the touch back to support (.618) as completing wave 2.
If we look at the idea posted, we can see a wave 3 (1.618 * wave 1) impulse would put us at around 19,400 which also happens to be a previous disregarded divergence candle (something I put significant weight in).
The retrace brings us back down to 18,175 for wave 4 (.382) which again brings us back to a disregarded divergence candle as well as a confirmed TL (in essence... lots of confluence at this level).
To complete the series, wave 5 can bring us up to 20,913 (1.0 * wave 1).
This idea is in its infancy but as always its invalidity can be easily determined and I will trade it until it fails.
If we look at the idea posted, we can see a wave 3 (1.618 * wave 1) impulse would put us at around 19,400 which also happens to be a previous disregarded divergence candle (something I put significant weight in).
The retrace brings us back down to 18,175 for wave 4 (.382) which again brings us back to a disregarded divergence candle as well as a confirmed TL (in essence... lots of confluence at this level).
To complete the series, wave 5 can bring us up to 20,913 (1.0 * wave 1).
This idea is in its infancy but as always its invalidity can be easily determined and I will trade it until it fails.
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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.
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.