#BTCUSD - Fury Road Mad Crypto
Updated
Hey all cryptonauts, we have BTC following our plan nicely at this stage. To recap we had the bottom of the correction at $6400 and then a massive Wave 1 taking her right to my target $8500. This is a lot less stressful when you have a roadmap and I have tried to make it as simple and easy as possible for everyone to understand. No nasty technical jargon but a lot of color charts a 2 year old would love. Anyway we have confirmation that we are in Wave 2 retracing Wave 1 possibly down to $6800. The target area or buy zone is where most traders and algos enter the market. To add some protection stop loss at around the $6700. Wave 3 should begin to take us right up to the psychological block at $8000. This is the sell zone where you can offload and wait for the retracement or wait until the motive waves are completely exhausted. The exceptions to this plan are extended or truncated waves and Elliott wave failure in terms of rules and validations. I will update this as they become apparent. Finally keep an eye on the 4 hr and Daily RSI and Stochastic as they will indicate as a general rule when the market is waves are at the bottom and due to come back up. As always have a nice day.
Note
We can see after 2 hours there is pressure from the bulls to keep it from dropping below 7k and the RSI indicating a bounce off the trend line which is a good support. The blue line of the Stochastic has crossed over on the 2 hr indicating a shift in momentum. Therefore buy azone may need to be adjusted to the 7 k as the continued bullish trend forces it into the third wave and back to retest the major resistance at $7200Note
Obviously no need to adjust. Just as I was writing the BTC went into the 6800s. Should bounce very soon!
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