Looks like BTC has broken out of falling wedge and Wave A bottom was at 8960.
So B (aka Bull Trap) wave has started which may reach around 9600. There is chance of reaching it more as BTC seems super Bullish.
You can also see a big Head & shoulder is building and right shoulder has started with the start of B wave.
Target of this Head & shoulder (vertical yellow line ) can help us to find depth of wave C which could reach to 8100 and a strong support but that is in future.
Follow and share for more ideas. Press thumb button at right bottom below the chart if like my work.
So B (aka Bull Trap) wave has started which may reach around 9600. There is chance of reaching it more as BTC seems super Bullish.
You can also see a big Head & shoulder is building and right shoulder has started with the start of B wave.
Target of this Head & shoulder (vertical yellow line ) can help us to find depth of wave C which could reach to 8100 and a strong support but that is in future.
Follow and share for more ideas. Press thumb button at right bottom below the chart if like my work.
Trade closed manually
Looks we corrected only 9380, 70 points short of our first target at 9450. Bulls tried hard but got rejected again and again by upper line of yellow triangle. We fell sharply from there and next down target looks like 8650-8700 . Chart below:
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Related publications
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.