BitcoinShort
XBTUSD: Bearish ascending triangle using elliot wave theory
Updated
Assumptions:
1. the large rejection a few days ago implies we are still in a bear market.
2. MACD being squeezed, so a move either way is imminent.
3. Bearish divergence on the E wave.
4. Bullish momentum has been weak in the past 2 days.
5. Target: the next support point.
1. the large rejection a few days ago implies we are still in a bear market.
2. MACD being squeezed, so a move either way is imminent.
3. Bearish divergence on the E wave.
4. Bullish momentum has been weak in the past 2 days.
5. Target: the next support point.
Note
target: 6260Trade active
The ABCDE Count might not be correct since it still has space to move in that acending triangle.if we ignore the wick, we get A (instead of C), B (instead of D).
While C,D,E are still incomplete.
Note
In the process of breaking down!Note
My first post on tradingview, sorry if the graph appears like shit, just move to the left so it will zoom out and you can see the big picture.Trade closed: stop reached
Stoploss hit, 4 hours after hidden bullish divergance appeared on the 1 hour chart.
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