BTC, Possible Short term LONG chance !
Updated
BTC is more than likely going to show us another move up ! Large one? Not probably.
It seems Bitcoin is ready to start final up going leg to complete a 5 wave cycle. This 5 wave cycle maybe just wave C of an larger degree ABC form of flat correction which I published before. Related link is provided for those who are interested to check out.
Strong support shown on the chart is formed by cluster of Fibonnaci levels of different types and cycles around 56-57 K. If true final up going leg will terminate at proposed strong resistance zone formed by typical Fibonnaci levels of wave 5 termination.
Interesting point is that proposed resistance zone coincides with resistance zone predicted for larger degree waves which makes it even stronger ( Check out related idea if interested).
Stochastic indicator is reaching to oversold zone while price is reaching to support. Amazing setup!
I have to emphasize that we never go long without a bullish sign in proposed supports.
In case of bullish reaction to support we can choose our entrance strategy from :
1- Bullish reversal in smaller time frame like H1
2. Breaking the down trend line connecting wave 3 and B highs
3. Taking out labeled wave B
It is your choice to choose an entrance strategy among proposed ones. It is a matter of Risk and Profit management.
Good luck everyone.
It seems Bitcoin is ready to start final up going leg to complete a 5 wave cycle. This 5 wave cycle maybe just wave C of an larger degree ABC form of flat correction which I published before. Related link is provided for those who are interested to check out.
Strong support shown on the chart is formed by cluster of Fibonnaci levels of different types and cycles around 56-57 K. If true final up going leg will terminate at proposed strong resistance zone formed by typical Fibonnaci levels of wave 5 termination.
Interesting point is that proposed resistance zone coincides with resistance zone predicted for larger degree waves which makes it even stronger ( Check out related idea if interested).
Stochastic indicator is reaching to oversold zone while price is reaching to support. Amazing setup!
I have to emphasize that we never go long without a bullish sign in proposed supports.
In case of bullish reaction to support we can choose our entrance strategy from :
1- Bullish reversal in smaller time frame like H1
2. Breaking the down trend line connecting wave 3 and B highs
3. Taking out labeled wave B
It is your choice to choose an entrance strategy among proposed ones. It is a matter of Risk and Profit management.
Good luck everyone.
Note
BTC took out labeled wave B. It goes to the proposed target !Note
We made a right trade again! Congrats my friends
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