BTC touching the reversal zone
Updated
After a beauty of a bullrun, btc reached the reversal area which I determined when BTC was around 3.5-.38k (link below).
We're fininishing 2x 5-legs cycles, from 880 (more or less) and from 3000. But as you can see, the blue box goes all the way up to 6800. This means that we still might see a push further up, but a pullback will happen soon.
So, normally it would be very logic to see a 3 waves pullback. On the chart I showed the fibonacci levels from the complete cycle, but I doubt the correction will be that deep. I'm more looking at the blue trendline as a possible target.
It would be very easy to give a target for a possible pullback, but imho its too early for that. BTC is just BTC and is doing his own thing when bulls are boss.
Trading advise for now: keep your eyes on the priceaction and lock some profits when its going down.
All in all, the coming correction is a good chance to rebuy more for the next cycle up (yes, more up).
I will not short this....I'm too busy and its too tricky imho, therefore I out "Strategy" on neutral.
We're fininishing 2x 5-legs cycles, from 880 (more or less) and from 3000. But as you can see, the blue box goes all the way up to 6800. This means that we still might see a push further up, but a pullback will happen soon.
So, normally it would be very logic to see a 3 waves pullback. On the chart I showed the fibonacci levels from the complete cycle, but I doubt the correction will be that deep. I'm more looking at the blue trendline as a possible target.
It would be very easy to give a target for a possible pullback, but imho its too early for that. BTC is just BTC and is doing his own thing when bulls are boss.
Trading advise for now: keep your eyes on the priceaction and lock some profits when its going down.
All in all, the coming correction is a good chance to rebuy more for the next cycle up (yes, more up).
I will not short this....I'm too busy and its too tricky imho, therefore I out "Strategy" on neutral.
Note
check bearish divergence on 240!! Note
Maybe small ABC correction before last push into the blue boxNote
Note
BTC finished its ABC correction. A bit more retracement which makes the target for the final push in this cycle a bit lower.
Note
BTC shows weakness and no volume for a decent push. After noticing that this push is failing, i turned bearish also for short term like I already was for mid term. BTC seems to be making a ABC correction where we still are in first leg. My guess is, we'll head down towards the first blue trendline and forming a bearish flag there, to be followed by a deeper drop towards the blue box.
This is also corresponding with a Fibo retracement of 38%. As I wrote earlier, I'm long term bullish on BTC and this 38% retracement of the previous cycle might be enough. Checking the A-leg, this looks logical to me.
Note
Update: BTC made the B leg Note
Push up went a bit further, but failed at fibo .786Broke out of the bearish flag, currently retesting it
Note
C leg on its wayNote
BTC is in a tricky situation which I'm talking about aready for the last 2 weeks. BTC reached my target at (5) what means that cycle is mature. Both on 4hr as the whole run from around 1300, it reached target. Both cycles are mature, which means that a correction would be logical, but its NOT a guarantee that the cycle is finished, it still might do a try to do 1 more push up, more into the blue box. Last few days, we saw a downmove and we were anticipating more downside. towards (C) I repainted my BTC chart and it touched the trendline and pulling back now. If it drops below the blue trendline , we will go to (C), if we crack the yellow line we will go to (Y). The possible move to (Y) looks nice to trade, but beware if it happens, its the last push up before correction and as the cycle is mature, its not a guarantee it will reach (Y). It can finish the cycle any time towards (Y). Risky to try to catch the possible last push. be carefullNote
Note
BTC reached the target box Note
BTC went bananas this week and extended my targetbox. Next resistance level is around 8k which I never mentioned as I thought it was very unlikely that we would extend the blue box. But BTC showed once again that its doing its own thing when its on a run.....For now, I think we've reached the top and due to some correction.
First target is around 6800, followed by a bounce and probably another dip and forming a bigger ABC correction towards next blue box close to the blue trendline. If (a big if) we get that far, it's decision time: more correction (which seems logical to me) or continuation of the bull run. Will try to update once we get there.
Be cautious, this scenario is still very premature and BTC can go wild again.
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