BTC- Up the ante
Hello all crypto units,
It has been a very slow moving BTC continuing its break down to the much anticipated $7800. The way I see, BTC is at the bottom of a nice Wave 2 EW corrective formation(purple line). There is a descending triangle forming over the top of the EW 5-3-5 correction. There are still two more waves 4 and 5 to come as it nears the apex bottom. The bottom of this triangle is also the 61.8 Fib level so there are a few variables in play here. I expect a significant bounce (green box ) once wave has exhausted its retrace. The good news is the Wave 3 we have been waiting for is on its way no doubt. In the meantime BTC may fall down to the $7750 level when waves 4 and 5 are complete and there is a breakout of the triangle. Also a fall below the $7500 would put BTC in jeopardy of retesting the 6000s and triple bottom. I doubt it though as the higher time frames RSI all showing highly oversold conditions. This is a recipe for the bulls who are chomping at the bit waiting for the market to bottom before jumping in. Also well below on the 55 EMA and due for a rebound there as well. We are close. Overall I am bullish and buying as much as I can because I believe this is only a natural progression and not a race to retest the bottom of the market. It's looking like a pattern is forming of alternate months up and down. If you notice they are closely linked to the futures products expiries ; 2018 Jan- down, Feb -up, Mar-down, Apr- up , May - down, June ?????? You all be good now until next time goodbye.
*Each individual trading position is unique and this information should not be used to formulate any type trading plan.
It has been a very slow moving BTC continuing its break down to the much anticipated $7800. The way I see, BTC is at the bottom of a nice Wave 2 EW corrective formation(purple line). There is a descending triangle forming over the top of the EW 5-3-5 correction. There are still two more waves 4 and 5 to come as it nears the apex bottom. The bottom of this triangle is also the 61.8 Fib level so there are a few variables in play here. I expect a significant bounce (green box ) once wave has exhausted its retrace. The good news is the Wave 3 we have been waiting for is on its way no doubt. In the meantime BTC may fall down to the $7750 level when waves 4 and 5 are complete and there is a breakout of the triangle. Also a fall below the $7500 would put BTC in jeopardy of retesting the 6000s and triple bottom. I doubt it though as the higher time frames RSI all showing highly oversold conditions. This is a recipe for the bulls who are chomping at the bit waiting for the market to bottom before jumping in. Also well below on the 55 EMA and due for a rebound there as well. We are close. Overall I am bullish and buying as much as I can because I believe this is only a natural progression and not a race to retest the bottom of the market. It's looking like a pattern is forming of alternate months up and down. If you notice they are closely linked to the futures products expiries ; 2018 Jan- down, Feb -up, Mar-down, Apr- up , May - down, June ?????? You all be good now until next time goodbye.
*Each individual trading position is unique and this information should not be used to formulate any type trading plan.
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