Lets look at Bitcoin at a macro level,
As the pitchfork shows, we haven't breached from the down channel yet, but we have invalidated the down trend scenario by breaching 11400.
I believe we are still in wave 3 of an up trend because yesterday's correction was non-existent (not proper size) and too shallow to call it a wave 4. It was a bull run and continuation of a trend's subwave of a lesser degree.
Next, we will most likely go to Target 1 12000-12250 (1.272 of wave 1 and major resistance level) Decision Point level in attempt to break out of a down channel.
Watch closely the decision point levels to make your next move, be it either long or short.
From there we will either:
- have an up trend wave 4 correction of proper size to start a wave 5, break out of a down channel and breach 12250 once again to go to next Target 2 13000-13500 (1.618 of wave 1 and major resistance).
There's also a chance that wave 3 will go past Target 1
- have a larger ABC correction to 9000 (breaking of this major support will invalidate the up trend) in a move to Z
Please note, this is a Bitstamp chart.
Good Luck!
Please don't trade based only on my analysis. It can be dangerous. I'm not responsible for your losses.
As the pitchfork shows, we haven't breached from the down channel yet, but we have invalidated the down trend scenario by breaching 11400.
I believe we are still in wave 3 of an up trend because yesterday's correction was non-existent (not proper size) and too shallow to call it a wave 4. It was a bull run and continuation of a trend's subwave of a lesser degree.
Next, we will most likely go to Target 1 12000-12250 (1.272 of wave 1 and major resistance level) Decision Point level in attempt to break out of a down channel.
Watch closely the decision point levels to make your next move, be it either long or short.
From there we will either:
- have an up trend wave 4 correction of proper size to start a wave 5, break out of a down channel and breach 12250 once again to go to next Target 2 13000-13500 (1.618 of wave 1 and major resistance).
There's also a chance that wave 3 will go past Target 1
- have a larger ABC correction to 9000 (breaking of this major support will invalidate the up trend) in a move to Z
Please note, this is a Bitstamp chart.
Good Luck!
Please don't trade based only on my analysis. It can be dangerous. I'm not responsible for your losses.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.