Bitcoin Short Update. Where can we call the TOP?
Updated
Hello traders, welcome to today’s analysis. I hope you are all doing great
From our wave count, we know bitcoin is in wave 5 which is the final leg of the bull run, but predicting the top remains uncertain at the moment.
Currently, we just finished a triangle formation which I adjusted the label as smaller degree wave x2 or a sub wave 4. Since we agreed that the price is in the 5th and final wave, we need to take a closer look at the sub-waves to get more insight on predicting the top. The sub wave shows an extended 3rd wave, and the triangle formation hints at a further push to the upside and indicates that the top is close.
If we are right with our wave count, the last leg of the rally should push the price towards 19k or maybe close to 20k, a decline below the triangle (lower 17k region) would invalidate this possibility.
Conclusion: while the exact top of bitcoin cannot be accurately determined yet, the triangle formation hints we are not there yet but we’re very close. Bearing this in mind, be very careful with your long positions and use low leverage and smaller portion of your portfolio to manage your risk, I’m saying this because the top can give a very strong rejection in form of a dip because of the overstretched nature of the market and market makers trying to liquidate leveraged longs, it’s been a while we had a big correction which is inevitable by the way.
Trade Setup: we’ll be taking a long position from higher 17k and riding the wave up to lower 19k(our ideal target) or maybe close to 20k region adjusting our stop as the market gains momentum to protect our gains.
Ride the wave, see you at the TOP.
Hitting the like button and follow button helps me reach out to more audience, and it encourages me to create more value for the community. Don’t forget to share questions, ideas and chart with the community in the comment section below, let’s master the market together.
Donations via TradingView coins also helps me at posting more free trading content and signals here.
Thanks for your continued support as always.
PLEASE TRADE WITH CAUTION AND TRADE RESPONSIBLY
I’ll see you all shortly
Thank you
Namaste! Traders
Nueel_classic
From our wave count, we know bitcoin is in wave 5 which is the final leg of the bull run, but predicting the top remains uncertain at the moment.
Currently, we just finished a triangle formation which I adjusted the label as smaller degree wave x2 or a sub wave 4. Since we agreed that the price is in the 5th and final wave, we need to take a closer look at the sub-waves to get more insight on predicting the top. The sub wave shows an extended 3rd wave, and the triangle formation hints at a further push to the upside and indicates that the top is close.
If we are right with our wave count, the last leg of the rally should push the price towards 19k or maybe close to 20k, a decline below the triangle (lower 17k region) would invalidate this possibility.
Conclusion: while the exact top of bitcoin cannot be accurately determined yet, the triangle formation hints we are not there yet but we’re very close. Bearing this in mind, be very careful with your long positions and use low leverage and smaller portion of your portfolio to manage your risk, I’m saying this because the top can give a very strong rejection in form of a dip because of the overstretched nature of the market and market makers trying to liquidate leveraged longs, it’s been a while we had a big correction which is inevitable by the way.
Trade Setup: we’ll be taking a long position from higher 17k and riding the wave up to lower 19k(our ideal target) or maybe close to 20k region adjusting our stop as the market gains momentum to protect our gains.
Ride the wave, see you at the TOP.
Hitting the like button and follow button helps me reach out to more audience, and it encourages me to create more value for the community. Don’t forget to share questions, ideas and chart with the community in the comment section below, let’s master the market together.
Donations via TradingView coins also helps me at posting more free trading content and signals here.
Thanks for your continued support as always.
PLEASE TRADE WITH CAUTION AND TRADE RESPONSIBLY
I’ll see you all shortly
Thank you
Namaste! Traders
Nueel_classic
Trade closed: target reached
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