BTCUSD flat ABC with ending diagonal as a C wave
Updated
An ending diagonal should have 5 waves each of which should consist of an ABC or triple wave. We can see a triple in wave 1, we can see now a triple in a wave 3. So now we are in a wave 4 with supporting zone 22.3k-23k we we can go long, and a wave 5 should bring us to 26k approximately. The timeline of this process and price action of course can differ from the reality.
Note
The invalidation point is 20700.13, everything happening above that is still valid especially with the shorter wave C.Trade closed manually
The chart depicts contracting ending diagonal, which is not the case anymore, but still expanding ending diagonal is in work now, which resembles the same idea for ETH.
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.