BTC - End of Correction.
BTC has held support within the symmetrical triangle pattern, which completes a 5 wave corrective set.
Volume remains low, but an influx would likely cause a break out. Things are quiet, dull, boring - the most important time to pay attention.
RSI shows a break of downtrend with local support on 40.
MACD has recently had a bullish cross.
DMI indicates a current bearish trend, but this is an early signal based on the potential for a reversal.
Fibonacci Time Zone with 0 at the 5th impulse wave and 1 at the 1st corrective wave predicts the 3rd and (potentially) 5th corrective wave. This suggests that the correction is over.
Targets are place according to Fibonacci levels and interactions between long term and recent Gann fans.
Entry < $7500
Stop < $6900
1st Target: $11454
2nd Target: $14850
3rd Target: $16480
Volume remains low, but an influx would likely cause a break out. Things are quiet, dull, boring - the most important time to pay attention.
RSI shows a break of downtrend with local support on 40.
MACD has recently had a bullish cross.
DMI indicates a current bearish trend, but this is an early signal based on the potential for a reversal.
Fibonacci Time Zone with 0 at the 5th impulse wave and 1 at the 1st corrective wave predicts the 3rd and (potentially) 5th corrective wave. This suggests that the correction is over.
Targets are place according to Fibonacci levels and interactions between long term and recent Gann fans.
Entry < $7500
Stop < $6900
1st Target: $11454
2nd Target: $14850
3rd Target: $16480
Note
Candle support on the Kijun Sen during a bullish TK cross. Candle support on lower Bollinger Band
RSI bounce on 30
MACD support on zero, approaching cross
DI+ cross DI-
Note
Trade active
Note
Potential pullback to support at 7500. Price is likely to hold here while building strength for further move upNote
Trade closed: stop reached
Triangle support broken, I expect a bounce from here as we are still on a key support level with an oversold RSI. However my outlook has now shifted to bearish and I will looking to place a short trade from around 7100-7400.
Note
I will only publish a short signal if we drop below 6K, until that happens, the potential for upside remains high. If we see a spike in price above the local corrective resistance line then I expect we will be starting the next phase of a hyperwave
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