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Wavetheory

Where is BTC Going?On the 1hr TF BTC just finished a Full Impulse cycle (5 WAVE DOWN) and a Full Retracement cycle (3 WAVE UP). A retest of the upward channel is imminent, which should coincide with the support bands drawn. The pullback to the MA and subsequent pull is also a strong indication that this will happen. Only if the Market crosses above the MA can we think about another wave up to higher values. The indicator of where we're going will be at the 14000 Support. A move below it, followed by a pullback to the resistance (former support at 14000) and another push down will be indicative of a push down to 12500. Look for the pullback to the Resistance to coincide with the MA. Sets up a good trade setup to short. On the other hand, if the market pulls hard off the channel trend line, wait for a retest to get in long to higher values. 2 Strong Trade Setup Strategies! Good Luck,
BITSTAMP:BTCUSD
by ChasingTheMarket
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