Bitcoin - BTC Daily Detailed Analysis |19 April 2018
Here's a detailed analysis on BTC 0.65% from a swing trader perspective.
As illustrated on the chart above, we had 5 complete ways upwards, then we have done an ABC type of correction.
Based on what has happened, we have two scenarios which I am going to discuss it here.
The ABC correction could be forming wave W of WXY bigger correction pattern. If this happens, I am expecting wave Y to retrace to 0.5 and 0.618 Fibonacci levels.
Price Range = 7400 - 7600 $
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author : R.N behind_crypto
As illustrated on the chart above, we had 5 complete ways upwards, then we have done an ABC type of correction.
Based on what has happened, we have two scenarios which I am going to discuss it here.
- Scenario 1:
Knowing that we have had an ABC correction, we can assume this ABC is the intermediate wave 2 and now we are projecting to intermediate wave 3.
Targets would be minimum x1 and x1.618 of intermediate wave 1. But this is less likely to happen since in this case, wave 2 would only retrace to 0.382 Fibonacci level. (Statistically, wave 2 retraces to 0.382 on 15% of the time)
First Target = 9450 - 9500 $
Second Target = 10400 - 10500 $
~~~ - Scenario 2:
The ABC correction could be forming wave W of WXY bigger correction pattern. If this happens, I am expecting wave Y to retrace to 0.5 and 0.618 Fibonacci levels.
Price Range = 7400 - 7600 $
~~~~~~~~~
Make sure to check out my EMA Script which you can have the 8, 13, 21 and 55 Exponential Moving Averages on one indicator for free:
https://uk.tradingview.com/script/KQk2EFDX-Fibonacci-Exponential-Moving-Averages-EMA/
author : R.N behind_crypto
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