BTC LONG PROJECT (H1)
Updated
Hello, All!
After reaching almost 11.5k, BTCUSD reversed back to its current lows thus forming slightly disproportional, but valid Wolfe wave pattern.
Its validity is being confirmed by solid volume spikes at key points indicating strong demand zone.
Fundamentally speaking, nothing is currently preventing BTC from keeping its previous pace and reaching new highs.
After reaching almost 11.5k, BTCUSD reversed back to its current lows thus forming slightly disproportional, but valid Wolfe wave pattern.
Its validity is being confirmed by solid volume spikes at key points indicating strong demand zone.
Fundamentally speaking, nothing is currently preventing BTC from keeping its previous pace and reaching new highs.
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After the strong initial impulse at point 5 of the major yellow wave, the price formed potential reversal pattern:However, even though the minor ww looks pretty neat from technical point of view, it lacks the confirmation of possible downmove as the volume is staying really low. If this minor purple pattern is broken and the price stays above line 2-4 of the major yellow wave, the current uptrend will continue.
Note
And the purple wave is already almost broken - solid bullish volume increase appeared just few minutes after the previous update. The price bounced from higher border of "sweet zone" of the minor wave, but again - this move currently lacks sufficient volume to support it:Trade active
The minor purple wave was partially successful as it provided the correction after the initial impulse at point 5 (yellow) but didn't reach its targets.The price rose afterwards close to previous maximum level, but will likely make (at least) one more correction before reaching line 2-4 (yellow) to form point 6.
There is a gradual bearish VOL increase, but for now it's not enough to push the price much lower.
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