Bitcoin - Welcome to Bull Town wave count
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Hi guys , i had to review my wave count after this strong bull run we had , it has impulsive look and it didnt break the low yet showing divergences.
I believe thats the first leg of bull market , invalidation level is the red line , any ticker below the last low around 5.800 zone would invalidate this count.
Possible however remains the triangle X (green) scenario which would give us a corrective bullish pullback wave B with the A already being unfolded and the C leg downside remains.
However crypto is close or has already ended the so known "bear market of 2018".
Goodluck!
I believe thats the first leg of bull market , invalidation level is the red line , any ticker below the last low around 5.800 zone would invalidate this count.
Possible however remains the triangle X (green) scenario which would give us a corrective bullish pullback wave B with the A already being unfolded and the C leg downside remains.
However crypto is close or has already ended the so known "bear market of 2018".
Goodluck!
Nota
Short term update:Nota
Moving Stop loss to red lines is recommended to avoid losses.
First short term targets are black lines - based on the wave count and fibs.
Nota
Don't be surprised if we see a drop soon , the current uptrend looks corrective and this count looks very probable to me
Cheers!
Nota
We dropped , time to add positions in my opinion - Stop Loss for me will remain 5.8k Cheers!
Nota
One more push is likely then continuation of uptrend
Cheers!
Nota
There are 2 wave counts possible:
Leading diagonal wave 1 (red labels)
Impulsive wave 1 (black labels)
Currently i cant assume which one is correct because of the subdivisions which cant be confirmed on low timeframes therefore i'll let it be for now and focus on the upcoming moves.
We got the last push , the uptrend has began in a nice momentum , we can move stop loss to the red line , cheers!
Nota
Please note we could have a triangle in process of the fourth , the current structure seems corrective and didnt start out as expected yet , recommendation to take the stop loss out of the last update and keep below the low (5.800) until the wave is fully over.
Cheers!
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Sorry guys this move is corrective and we get a pullback to close remaining longs then go short again. Cheers!
Nota
Price has corrective moves on both directions.
A triangle is highly probably as last piece of such a long corrective market , if this is the case the low of 5900 (red line) shouldnt be broken and price to start gaining bullish momentum.
Cheers!
Nota
Consolidation continues , i suspect the wave C of triangle ABCDE is already in , expecting some bullish movement with weak strength to be rejected before 7.400 levels and retest the low once more
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