BTC held at 8.7k for some time , tried to rebound but failed and fell below 8500.
The question is : can we go down more ? Lets have a look on 4 hour chart:
If Head and shoulder is in play then target is 8k . Where Fib retrace 0.618 is . Yes the golden ratio.
If we see the fall from the top, then the sharpest fall is from 9400 to till now which means we are in third wave.
As per the guidelines, middle of third wave being steepest slope so this is 3rd wave, that means we will have another wave 5 down.
How much down it can go? If third wave come out as longest wave then guidelines says , 5th wave will be equal to first wave or 0.61 of first wave.
So these things are pointing that we will fall more, lets wait for wave 4 to build.
As we have retraced few in wave two then we may retrace more in wave four. Lets see where the wave 4 start and where it will end to start wave 5.
More in next update soon.
Follow and share for more ideas. Press thumb button at right bottom below the chart if like my work.
The question is : can we go down more ? Lets have a look on 4 hour chart:
If Head and shoulder is in play then target is 8k . Where Fib retrace 0.618 is . Yes the golden ratio.
If we see the fall from the top, then the sharpest fall is from 9400 to till now which means we are in third wave.
As per the guidelines, middle of third wave being steepest slope so this is 3rd wave, that means we will have another wave 5 down.
How much down it can go? If third wave come out as longest wave then guidelines says , 5th wave will be equal to first wave or 0.61 of first wave.
So these things are pointing that we will fall more, lets wait for wave 4 to build.
As we have retraced few in wave two then we may retrace more in wave four. Lets see where the wave 4 start and where it will end to start wave 5.
More in next update soon.
Follow and share for more ideas. Press thumb button at right bottom below the chart if like my work.
Trade active
Bear flag building, if this playout, we may go to 8300 in next fall:Note
Rally Got rejected at upper line of Bear flag. Coming down:Trade active
Another H&S building inside flag which will take us down? You decide!Trade active
Breaking Down:Trade active
Above Flag Target Reached.Note
Looks like a new Bear flag building, posting chart soon.Note
Yes Bear flag building and if this playout , target will be approx 8k, which is also our target for H&S.Note
I am getting some signs of Bulls here and seems reversal coming soon. For updates make sure you follow me, otherwise you will miss the update and profit as well.
If you like my work press thumbs up below the top chart .
Cheers !
Note
You can see on the chart, Bullish divergence is visible, Bulls are coming and we may see reversal in near future. Breaking the green trendline will be first sign the Bulls are getting over Bears. Follow me for updates. Trade active
You can see, how nicely it is getting resistance on green trend line and getting rejected and slowly heading to our bear flag target but downward momentum is slowing down which is another sign of Bulls. Note
More accurate target of this Bear Flag is 8150. Follow and thumbs up if you like my work.Note
Accuracy on steroids, ha ha , just called for 8150 and it bounced from 8153, Now a tweezers at bottom and kicker candle after that , Another sign of Bulls, lets see if we can reverse from here. Note
That kicker candle rejected from green trendline, that is why it is important to break it with good volume to reverse .Note
You can see after some rebound it got rejected on green trendline and falling from bear flag again. If this playout , target is 8080.Note
That wick down on red candle look like double bottom and gave relief from falling for some time . Looks like breaking from green trend line but we need volume here.Note
Resistance at 8400 and 8600 .Trade active
If you missed this breakout, buy on next dip .Note
So all those small Bull signals gathered and pushed BTC up. We cross 8400 resistance in flash and next important level to watch is 8600 and BTC should cross and stay to go up more .Note
Follow updates here:
Trade active
On bigger timeframe i see this, check 2 falling wedge in red color.Trade active
Another on daily timeframe:Trade active
On one hour timeframe , looking like making a bearish pinant :
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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.