Short

Bitcoin Hourly Wave Counts Updated- Triangle Unfolding?

Continuing the story from yesterday, the underlying has been in a consolidation. Not speculating much about a bearish reversal at the moment but certainly it could be an A-B-C correction as discussed earlier. The recent price action suggests that Bitcoin is unfolding into a potential triangle. Normally triangles precedes the 5th wave. In this case the 5th wave can terminate at least towards 14000 levels if not further. Trading point of view, look to sell wave e of the triangle around 17200 levels, stop above 19500, target at least 14000 levels. A meaningful pullback could be underway after that.

Sincerely

Harsh Japee

harshjapee

Also on:

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.