Crypto has been on a strong relief rally, and has broken out of the accumulation range across the board - remember all structure on the HTF is bearish, the bear market is definitely not over don't get to excited.
From an intraday perspective BTC has broke above daily resistance with a strong bullish impulse - generally speaking after an impulsive wave profit taking will occur from the big players who pushed the price higher, this then induces a corrective wave to at least the 0.5 Fibonacci. During the impulse the price also formed a beautiful harmonic formation, this pattern has a high probability to complete at the neckline giving us an intraday downside target which lines up beautifully with the fib levels giving us a zone of confluence for the market to potentially come into.
Currently on the entry timeframes everything is bullish and there are no confirmations of any short entries so we are on the sidelines waiting patiently for one of our valid entries according to our strategies.
From an intraday perspective BTC has broke above daily resistance with a strong bullish impulse - generally speaking after an impulsive wave profit taking will occur from the big players who pushed the price higher, this then induces a corrective wave to at least the 0.5 Fibonacci. During the impulse the price also formed a beautiful harmonic formation, this pattern has a high probability to complete at the neckline giving us an intraday downside target which lines up beautifully with the fib levels giving us a zone of confluence for the market to potentially come into.
Currently on the entry timeframes everything is bullish and there are no confirmations of any short entries so we are on the sidelines waiting patiently for one of our valid entries according to our strategies.
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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.