My last assumption on BTCUSD was that it is in a wave 4 (primary) correction.
For that assumption to be true the target 653 and 590 must not be broken.
As it turns out, they were broken down very decisively, this is a good clean signal hinting at a major wave 2 correction instead. ( Which I've also mentioned in my list of possibilities)
These are the new targets to look out for, the first being the target for a primary wave 2 in case that isn't over yet (not very likely , and is already touched and broken once though it still hold in OHLC4 chart)
The last two at 61.8 and 78.6% retracement marks the correction targets for major wave 2 correction.
Trade with care.
For that assumption to be true the target 653 and 590 must not be broken.
As it turns out, they were broken down very decisively, this is a good clean signal hinting at a major wave 2 correction instead. ( Which I've also mentioned in my list of possibilities)
These are the new targets to look out for, the first being the target for a primary wave 2 in case that isn't over yet (not very likely , and is already touched and broken once though it still hold in OHLC4 chart)
The last two at 61.8 and 78.6% retracement marks the correction targets for major wave 2 correction.
Trade with care.
Note
Price has reached pullback target for wave A (one of the many possibilities)
From here, watch closely, if target holds and price drops then it'll be a good place to short with minimal stoploss
If the resistance cannot hold then I'l have to re-analyze.
Still no position yet, waiting.
Note
Earlier update is in the comment, I misplaced it there. This pull back is taking longer than I initially thought it would, missed opportunity to go long for a short period.
Trade active
Just went Short at 585.82 SL at 592.58
TP at 500
Note
Sorry, shorted at 595 / SL at 598Note
Continues to annoy.. lol. Volume have been confirming an uptrend though, watch out and set you stop losses well for short position.
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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.