In my previous analysis on 4 hour chart, I mentioned that wave 5 extended into Corrective Waves ABC along with breaking of wedge formation downward, we are currently in wave 5. After BTC broke downward of rising wedge, we witnessed bounce from support region consisting of demand zone and parallel channel support. I am still expecting BTC to go to 51k region. 50-51k is the area where I will be opening my short after confirmation of rejection.
Trade active
Still bearish on BTC, though various other factors have increased the risk of this trade such as upcoming MACD positive crossover, Possibility of weekly candle closure in Golden Pocket.Still, a correction is due and we will be witnessing it soon.
I will be increasing my position after confirmation of rejection to minimize risk.
Note
We are definitely in the last phase of pump. I am predicting the top to be 50-51k or it can be extended a little bit upward to 52k after which the correction will occur.Note
We are still in correction wave C of impulse wave 5. Lets see what will be the top of this wave 5.Note
Told you about this crash more than 3 weeks ago. It crashed from the top area of my mentioned supply zone :)We are now officially in the correction waves and it was just Correction Wave A :)
I did say they will try to prolong the wave 5 as much as possible to trap retailers and that is exactly what happened :)
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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.