On the Bitcoin chart, we have Two moves ahead. First, the bottom was the low of November 22, and BTC is making the first impulsive wave in a very bullish structure. Second, the up move from that last low, $15600, isn`t more than a C wave which might, structurally, end soon, and the drop might be sharp then the price will resume the bearish big wave down to a new low under 15k. The second move (left chart) is more probably to take place, but if the other will b the correct one, we`ll see potentially a 20% drop in both cases then the price will decide whether path to follow.
(This is from a pure wave structure perspective)
(This is from a pure wave structure perspective)
Trade closed: stop reached
After hitting the target, the bearish move is getting invalid at this moment, or at least it is postponed. However, making a new low under 15600 isn't probable.
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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.