Another look at the BTC chart, this time with a slightly different assumption for the end of primary wave 1 (blue box)
As intra-day chart shows a hidden 4-5 pattern. This seems to fit much better on the fibonacci scale than the last time.
For the chart I use a line (H L C /3) chart to reflect a weighted median price.
If this assumption hold, we can project a target for the end of (intermediate) wave 5. (Which would become the [Primary] Wave 3 by measuring a fibonacci projection from the base [intermediate] wave 1 to 3 and place the scale at [intermediate] wave 4 which would suggest a {Profit Target 1} at $926 for a normal fifth.
Then we could also project a fibonacci scale from the base of [primary] wave 1 to the end of [primary] wave 1 then place the scale at [primary] wave 2 and we'll see two Fibonacci resonance at $926 and $1346 for an extended [intermediate] fifth (which is rather normal inside a [primary] wave 3.
Over the medium term, I'll be going Long on the next dip around $650 or if the price break previous high at $690
This would give me a relatively short Stop-loss level and a good profit target.
There is also a chance that [intermediate] wave 4 has yet to end (probable target around $653) Which is why I decided to wait a see for a few more days if the target will hold.
As intra-day chart shows a hidden 4-5 pattern. This seems to fit much better on the fibonacci scale than the last time.
For the chart I use a line (H L C /3) chart to reflect a weighted median price.
If this assumption hold, we can project a target for the end of (intermediate) wave 5. (Which would become the [Primary] Wave 3 by measuring a fibonacci projection from the base [intermediate] wave 1 to 3 and place the scale at [intermediate] wave 4 which would suggest a {Profit Target 1} at $926 for a normal fifth.
Then we could also project a fibonacci scale from the base of [primary] wave 1 to the end of [primary] wave 1 then place the scale at [primary] wave 2 and we'll see two Fibonacci resonance at $926 and $1346 for an extended [intermediate] fifth (which is rather normal inside a [primary] wave 3.
Over the medium term, I'll be going Long on the next dip around $650 or if the price break previous high at $690
This would give me a relatively short Stop-loss level and a good profit target.
There is also a chance that [intermediate] wave 4 has yet to end (probable target around $653) Which is why I decided to wait a see for a few more days if the target will hold.
Note
Correction Target still holds. Waiting to see if it'll break. If the target holds then I can enter Long on the first confirmation signal.
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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.
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.