BTC/USD ending diagonal. Pullback at the horizont?
Updated
It seems 5th wave is forming just now at the 4h timeframe. The (e) wave might be shorter than usual as more and more trader recognizes the pattern. RSI supports price reversal, pullback to 1500 is very probable to test MA100 + minor support. Proceeding a zigzag correction the C wave might cross MA100 extension (which is usual at major btc corrections). This case we can look for a buy opportunity around 13500 which has a strong support area.
If the price can break through the upper trend-line with force, this pattern becomes invalid.
If the price can break through the upper trend-line with force, this pattern becomes invalid.
Trade active
First target reached. (The relentless rally for CME open messed up the trendlines a bit, but it made no real difference). Now we must watch for the reversal or trend break. The support + MA100 is strong, it is entirely possible to end the pullback here and go sideways (look for RSI confirmation at larger time frame). If the support breaks, even larger correction is probable.Trade closed: target reached
Correction done.
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