Contracting Triangle In Progress BTC/USD
Updated
Starting with the wave analysis:
We are looking at the recent high of 42,000 USD as the completion of wave 5 on the minor degree and possibly wave 3 of the intermediate degree.
We appear to be Wave E in a contracting triangle on the minor degree.
This would be invalidated with a close greater than the close of 37,449 as Wave E should not "take out" Wave D.
Next we check our Pumba Momentum Indicators
Weekly signal is still bearish and the daily filter remains bearish as well, so we would be looking for short opportunities only.
No daily signal was generated today.
Trade Opportunity Analysis
While there is a decent risk/reward setup to short for Wave E we pass on this opportunity and STAY NEUTRAL.
There was NO Pumba Momentum signal issued today and trading contracting triangles is not part of our plan.
We pass because we are committed to our plan and this trade does not align with our momentum trading plan.
Moving Forward
We watch price action, update our wave counts and look for valid Pumba entry signals that align with our Wave analysis.
We are looking at the recent high of 42,000 USD as the completion of wave 5 on the minor degree and possibly wave 3 of the intermediate degree.
We appear to be Wave E in a contracting triangle on the minor degree.
This would be invalidated with a close greater than the close of 37,449 as Wave E should not "take out" Wave D.
Next we check our Pumba Momentum Indicators
Weekly signal is still bearish and the daily filter remains bearish as well, so we would be looking for short opportunities only.
No daily signal was generated today.
Trade Opportunity Analysis
While there is a decent risk/reward setup to short for Wave E we pass on this opportunity and STAY NEUTRAL.
There was NO Pumba Momentum signal issued today and trading contracting triangles is not part of our plan.
We pass because we are committed to our plan and this trade does not align with our momentum trading plan.
Moving Forward
We watch price action, update our wave counts and look for valid Pumba entry signals that align with our Wave analysis.
Comment
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