BTC - complex B wave
This is analysis is an extension of the linked Elliot wave analysis. The current wave appears to be the second subset of a complex B wave.
Trade active
Stop: 12405Target 7321
Note
Hourly and 21 min ADX both = 10; trend is extremely flat, new trend likely to form soon Note
6Hr fast SMA (77; Orange) finding resistance under slow SMA (235; Blue; Circled).ADX touch 50 and drop, RSI overbought (arrows) = potential reversal
Note
Fib Time Zone: Short term breakdown on latest cycle:
Note
My confidence in the position is much lower following this bullish bounce, I will still hold the position, since my invalidation point is the long term descending fib speed fan level above. I may de-risk by taking some profit on the position.BB midline support on 77 SMA (Orange) is particularly concerning
Note
Resistance under fast fib speed lines (circled)Hourly BB midline bear cross through 77 SMA (yellow arrow)
Hourly RSI in oversold (often happens at the start of a trend; purple star)
Note
Outcome of earlier forecast (above) 
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.