martin100181
Finishing wave II. It coul bounce from here or go ddeper to 7130 area. Then, targets as shown.
Double Tweezer bottom, market oversold, ABC correction done. For me it's a rebound. Let´s see...
BTC is forming a triangle (cyan), probably starting to fall to form wave (2) and then finally bouncing and braking the second a bigger triangle (yellow) to form impulse wave (3). All this movement may be part of the bigger movement (Violet) that started with the lower low of Feb 6th. It means we are at the beginning of wave 3 of that movement (violet) Targets...
I know it's pretty basic and simple, but I'd like to know what experienced traders think about it and how to improove it. Thank you.
It looks like 5th wave started to develop. (We have to get confirmation of that) Following downtrend channel and looking at retracements and extentions of previous waves we can predict two possible targets.
I think there are enough signs to think of a small drop to take some profits shorting. I found 2 ABCD patterns showing trend reversal (Blue and red) RSI is showing divergence MACD showing divergence I put the target zone (magenta square) between the uptrend chanel, support line and fibonacci extension target. Lets see!