BTCUSD Update: Almost time to long. Elliot wave + supply demand
Updated
Elliot wave case 1:
Waves 1,2,3 are over
Long and get out just before the supply zone.
Can short at the supply zone and with a target of 4800.
Elliot wave case 2:
Waves 1,2,3,4,5 are over.
Long and get out just before supply zone which is also around 0.32 of entire fib structure.
So there is confluence between the 2 elliot wave cases, you can Long and Exit around the same region. Shorting at the supply zone is up to you, since it is a FRESH zone, it will probably bounce downwards from that point.
Now the question becomes, WHEN to long, because as you can see it hasn't broken the yellow aggressive trend line yet, so it still might make its way to the demand zone at 4800.
We can long at 4800, or when the candle closes outside the aggressive trend line, preferably on a higher timeframe like the 1 hour. I personally, also be using the VCI (volatility channel index) indicator to enter IF there is low volatility going sideways for a bit after it breaks that trendline.
Bitcoin sentiment has been less fearful over the past few days even though price keeps dropping.That's why i believe we will break down 5000, that psychological support will really upset the market. alternative.me/crypto/fear-and-greed-index/
Waves 1,2,3 are over
Long and get out just before the supply zone.
Can short at the supply zone and with a target of 4800.
Elliot wave case 2:
Waves 1,2,3,4,5 are over.
Long and get out just before supply zone which is also around 0.32 of entire fib structure.
So there is confluence between the 2 elliot wave cases, you can Long and Exit around the same region. Shorting at the supply zone is up to you, since it is a FRESH zone, it will probably bounce downwards from that point.
Now the question becomes, WHEN to long, because as you can see it hasn't broken the yellow aggressive trend line yet, so it still might make its way to the demand zone at 4800.
We can long at 4800, or when the candle closes outside the aggressive trend line, preferably on a higher timeframe like the 1 hour. I personally, also be using the VCI (volatility channel index) indicator to enter IF there is low volatility going sideways for a bit after it breaks that trendline.
Bitcoin sentiment has been less fearful over the past few days even though price keeps dropping.That's why i believe we will break down 5000, that psychological support will really upset the market. alternative.me/crypto/fear-and-greed-index/
Note
Fib target moved to 5392.Note
We want to see a strong bounce soon on this thing will keep going down.
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