Temporary retracement starting now until upcoming 36th hour
Updated
Temporary retracement starting in 1-2h to wedge support line, then an uptrend with the first wave breaking the wedge and ending at next resistance.
5th Elliot wave is done, a 3 wave retracement is upcoming.
RSI and MacD losing strength from last high support this idea.
Approximation with fibonacci of waves.
5th Elliot wave is done, a 3 wave retracement is upcoming.
RSI and MacD losing strength from last high support this idea.
Approximation with fibonacci of waves.
Note
I've been kinda right so far. I suspected I missidentified the 1st wave of the 26feb uptrend. But it doesn't really matter, because if I had been wrong (which I was) the last wave was going to be insignificantly small compared to the 3rd wave (which it was), and then the retracement began which I talked about. I still hold by this chart if you adjust it with +200$ because of the 5th uptrend wave I was missidentified.This upcoming 3rd wave of the retracement might not be enough to reach the bottom wedge line. A 4th and failed 5th wave might be included to reach the wedge. if this happens I will be on the lookout for another head and shoulders or maybe uptrending triangle that breaks the downward pattern. If not I might consider bear.
Though the slightly uptrendy wedge and recent bullishnes sudjests the chances are higher that BTC will break the roof instead of the floor of the wedge.
Disclaimer
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.