BTC 6500-6600 Wave 4 correction ABC, Diamond top break.
Updated
As expected BTC is started to break below trendline D of the Diamond Top. We have had to redraw the B trendline and it no longer forms a descending triangle which makes Target 2 for Diamond top more viable now.
Use can use these targets as guidelines.
-We are seeing a bearish Divergence on the 4hr and lower timeframes for RSI since 21st september so expecting a continuation of this downtrend for now.
-Diamond top target 1 should very likely be hit.
-Getting to Diamond target 2 will be harder as it will have to break resistance of the 0.32 fib (Yellow line) but still possible.
-Wave C targets 1:1 and 1.272 highlighted also.
The weekend is almost over so we might see more volume during the weekdays and thus larger movements than what we've experienced this weekend. I think Buying anywhere between 6500-6600 will be decent as I am expecting a move up towards ~6890-7000.
Given that there are quite a few targets here it could be a good Idea to set weighted ladder buys ( I.e. 10% of total order at first target, 20% at 2nd target and so forth as suits you) in this area or use these to support your own predictions.
When/If BTC hits these lower targets it might be a good opportunity to buy your favourite ALTS in their fiat pairings.
Any thoughts & Opinions appreciated.
Good Luck!
Use can use these targets as guidelines.
-We are seeing a bearish Divergence on the 4hr and lower timeframes for RSI since 21st september so expecting a continuation of this downtrend for now.
-Diamond top target 1 should very likely be hit.
-Getting to Diamond target 2 will be harder as it will have to break resistance of the 0.32 fib (Yellow line) but still possible.
-Wave C targets 1:1 and 1.272 highlighted also.
The weekend is almost over so we might see more volume during the weekdays and thus larger movements than what we've experienced this weekend. I think Buying anywhere between 6500-6600 will be decent as I am expecting a move up towards ~6890-7000.
Given that there are quite a few targets here it could be a good Idea to set weighted ladder buys ( I.e. 10% of total order at first target, 20% at 2nd target and so forth as suits you) in this area or use these to support your own predictions.
When/If BTC hits these lower targets it might be a good opportunity to buy your favourite ALTS in their fiat pairings.
Any thoughts & Opinions appreciated.
Good Luck!
Note
First Targets reached, Laddering buys down to $6500
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