Hi, today I want to talk about one of the standard Corrective waves structures: Regular Contracting Triangle.
Bitcoin Analyze ( BTCUSDT ) Timeframe 1h ⏰
Location🌊: about the location of Bitcoin, please read my post with the topic ''Bitcoin Analyze (Two Descending Triangle )!!!''.
Regular Contracting Triangle: I think that Bitcoin flowed inside the Regular Contracting Triangle for about 12 days.
Regular Contracting Triangle's Rules:
wave B can retrace 61.8%-78.2% Wave A== it has complied.✅
wave C can retrace 61.8%-78.2% Wave B== it has complied.✅
wave B can retrace 61.8%-78.2% Wave D== it has complied.✅
wave D can retrace 61.8%-78.2% Wave E== it has complied.✅
a triangle consists of 5 corrective waves (ABCDE).= we can see 5 corrective waves on our chart == it has complied.✅
a triangle can only appear in the position of wave 4 of an impulse, wave B/X of zigzags and flats, wave Y of double three sideways corrections, or wave Z of triple three sideways corrections.== it has complied.✅
at least 4 of the 5 waves subdivide into zigzags. we have 4 Zig Zag waves == it has complied.✅
a triangle never has more than one complex wave. The complex wave within a triangle can only be a double/triple zig-zag or a triangle itself. we don't have a complex wave ==it has complied.✅
In contracting & barrier triangles, Wave C does not move beyond wave A, wave D does not move beyond wave B, and wave E does not move beyond wave C. This results in two converging trend lines forming as the triangle progresses. The main difference between a barrier triangle is that it creates a virtually horizontal trend line between points B and D ==it has complied.✅
as result, we have all rules on our Regular Contracting Triangle 👍
the price was able to break(trusty) the lower line of our Regular Contracting Triangle and also, the price is pulling back to our triangle. we can see a Bearish Bat Hamonic Pattern + Bearish AB=CD Harmonic Pattern on this pullback. I found Point D of our patterns (BAT&AB=CD) at TRZ(Time Reversal Zone).
MACD Analyze: We have Hidden Divergence (HD-) between price and MACD until now.+ Sell Signal. 👉
RSI Analyze: RSI lost the Uptrend line.👉
Also, still, I am believing in Bitcoin Long-term Analyze (Monthly Time frame)📆: Please read this post carefully ( I ❤️LOVE❤️ THIS POST(for Jun 9)😀)👉
My Suggestion: Find best Triggers for opening Short Positions //please do NOT buy Coins for Midterm and Long-term investment until the market finds a way. // if the price goes UP over the Monthly pivot point (35060$), then we can think about opening Long positions for the Short-term.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy, this is just my idea, and I will be glad to see your ideas in this post.
Please do not forget the ✅'like'✅ button 🙏😊 & Share it with your friends, Thanks, and Trade safe
Bitcoin Analyze ( BTCUSDT ) Timeframe 1h ⏰
Location🌊: about the location of Bitcoin, please read my post with the topic ''Bitcoin Analyze (Two Descending Triangle )!!!''.
Regular Contracting Triangle: I think that Bitcoin flowed inside the Regular Contracting Triangle for about 12 days.
Regular Contracting Triangle's Rules:
wave B can retrace 61.8%-78.2% Wave A== it has complied.✅
wave C can retrace 61.8%-78.2% Wave B== it has complied.✅
wave B can retrace 61.8%-78.2% Wave D== it has complied.✅
wave D can retrace 61.8%-78.2% Wave E== it has complied.✅
a triangle consists of 5 corrective waves (ABCDE).= we can see 5 corrective waves on our chart == it has complied.✅
a triangle can only appear in the position of wave 4 of an impulse, wave B/X of zigzags and flats, wave Y of double three sideways corrections, or wave Z of triple three sideways corrections.== it has complied.✅
at least 4 of the 5 waves subdivide into zigzags. we have 4 Zig Zag waves == it has complied.✅
a triangle never has more than one complex wave. The complex wave within a triangle can only be a double/triple zig-zag or a triangle itself. we don't have a complex wave ==it has complied.✅
In contracting & barrier triangles, Wave C does not move beyond wave A, wave D does not move beyond wave B, and wave E does not move beyond wave C. This results in two converging trend lines forming as the triangle progresses. The main difference between a barrier triangle is that it creates a virtually horizontal trend line between points B and D ==it has complied.✅
as result, we have all rules on our Regular Contracting Triangle 👍
the price was able to break(trusty) the lower line of our Regular Contracting Triangle and also, the price is pulling back to our triangle. we can see a Bearish Bat Hamonic Pattern + Bearish AB=CD Harmonic Pattern on this pullback. I found Point D of our patterns (BAT&AB=CD) at TRZ(Time Reversal Zone).
MACD Analyze: We have Hidden Divergence (HD-) between price and MACD until now.+ Sell Signal. 👉
RSI Analyze: RSI lost the Uptrend line.👉
Also, still, I am believing in Bitcoin Long-term Analyze (Monthly Time frame)📆: Please read this post carefully ( I ❤️LOVE❤️ THIS POST(for Jun 9)😀)👉
My Suggestion: Find best Triggers for opening Short Positions //please do NOT buy Coins for Midterm and Long-term investment until the market finds a way. // if the price goes UP over the Monthly pivot point (35060$), then we can think about opening Long positions for the Short-term.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy, this is just my idea, and I will be glad to see your ideas in this post.
Please do not forget the ✅'like'✅ button 🙏😊 & Share it with your friends, Thanks, and Trade safe
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🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
Penerbitan berkaitan
Penafian
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.