BTCUSDT4HR - M Wave 1, Major 0.236 Challenge - Bullish Outlook
Updated
Currently Macro 0.236 Fib level is sitting just above the current price, providing significant resistance.
With 4Hr Stochastic and monryflow showing the ability to move up a little I think we may challenge this under the guise of the intermediate Wave 1 of a new 5 wave impule up of a Major wave 3.
We could very well see a rejection from the .236 of the major, and or the 1.618 of the intermediate wave impulse, retesting the structure and potentially even claiming back some liquidity trapped in the large volume candles from the recent shoot upwards (see brighter zones for untapped vector candles).
Technically if the rejection occured, the structure could be broken and we could see a drop down to 21k on the fibs, reclaiming most of the longs from the recent shoot upwards although I do hve some questions over if the drop would invaliadte the EW count???
With 4Hr Stochastic and monryflow showing the ability to move up a little I think we may challenge this under the guise of the intermediate Wave 1 of a new 5 wave impule up of a Major wave 3.
We could very well see a rejection from the .236 of the major, and or the 1.618 of the intermediate wave impulse, retesting the structure and potentially even claiming back some liquidity trapped in the large volume candles from the recent shoot upwards (see brighter zones for untapped vector candles).
Technically if the rejection occured, the structure could be broken and we could see a drop down to 21k on the fibs, reclaiming most of the longs from the recent shoot upwards although I do hve some questions over if the drop would invaliadte the EW count???
Trade closed: target reached
Target zone hit, new analysis shareed showing the indicateed downward trajectory still stands with an ABC correction to circa 24.5k.
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