BitcoinLong
BTC pumped to 5K what is next...
Updated
Like I said in my last TA BTC could pump to 4500 or 5000 area.
I am very happy to see finally BTC is going up and reached all my targets.
In short term I am expecting to see 5 waves .
This pump is the wave 3 so I am expecting a retrace to .236 fib level, more likely to .382 fib level
this fib level is very important in 1D chart because the MA 200 and EMA 200 are together.
So if BTC breaks down bellow .382. would expect to see a retest of the previous resistance. at 4270 area.
I am still thinking BTC is making a big ABC correction for this wave 4, touching 5200-5300 area.
Based on the EW count (Bear count) this could be a massive bull trap.
Exactly the same thing when BTC was pumped from 6k to 7600 usd and after that went down to 3k.
if this is a ABC correction in mid- long term we would see BTC testing 3k supports again.
but If BTC breaks above 5346 I would think BTC will test 6k again.
I am very happy to see finally BTC is going up and reached all my targets.
In short term I am expecting to see 5 waves .
This pump is the wave 3 so I am expecting a retrace to .236 fib level, more likely to .382 fib level
this fib level is very important in 1D chart because the MA 200 and EMA 200 are together.
So if BTC breaks down bellow .382. would expect to see a retest of the previous resistance. at 4270 area.
I am still thinking BTC is making a big ABC correction for this wave 4, touching 5200-5300 area.
Based on the EW count (Bear count) this could be a massive bull trap.
Exactly the same thing when BTC was pumped from 6k to 7600 usd and after that went down to 3k.
if this is a ABC correction in mid- long term we would see BTC testing 3k supports again.
but If BTC breaks above 5346 I would think BTC will test 6k again.
Trade closed: target reached
Perfect trade BTC reached 5300 ....
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.