Bitcoin Latest Analysis.
Updated
Hello traders, welcome to today’s analysis on bitcoin, I hope you had a nice week.
Today’s analysis will be brief as usual - From our last update,
the market respected our forecast and we completed wave y which ended up about 100% of wave x, you can have a look at the previous analysis here.
From the current chart, we can see the market is moving fast and got another retracement of about 50% of wave y which I labelled wave x2. I drew the trend line to lay emphasis on our reference point. Usually I like to start my wave counts with letters, but what matters more than the letter is placing trades in the direction of the larger trend, and I try to make the analysis as logical as possible and avoid an opinion based on incomplete evidence( or too much speculations).
Now that the market has respected the levels we wanted to see, what should we expect?
We expect the market to make a push to the upside, and we can measure the potential target for this move by taking Fibonacci extension from the starting point of wave y to the ending point of wave y, and projecting from the ending point of wave x2.
To be more accurate about our target price, we make use of fib confluence levels. If you happen to have issues applying the fib tool you can reach out to me via dm, and besides, we’ll cover all that extensively during the free tradnalysis class later this month or early next month. Be sure I’ll let you know when the time is right.
To get more confirmations about this move, we also apply some indicators which tells us we are ready to move. Remember, wave count can be wrong, but what makes it formidable is when you combine it with some indicators and price action. That way you’re forming an extremely impressive formation that’ll eventually lead to profitability.
Setup: Our weekly setup will be taking a long position from higher 15k or 16k region, and we expect a move to around lower 17k to complete a wave 5 before we can expect some deeper corrections. Let’s ride the wave together and stay profitable friends.
Hitting the like button and follow button helps me reach out to more audience, and it encourages me to create more value for the community. Don’t forget to share your ideas and chart with the community in the comment section below, let’s master the market together.
Donations via TradingView coins also helps me at posting more free trading content and signals here.
Thanks for your continued support as this is second to staying profitable.
I’ll see you all shortly
Thank you
Namaste! Traders
Nueel_classic
Today’s analysis will be brief as usual - From our last update,
the market respected our forecast and we completed wave y which ended up about 100% of wave x, you can have a look at the previous analysis here.
From the current chart, we can see the market is moving fast and got another retracement of about 50% of wave y which I labelled wave x2. I drew the trend line to lay emphasis on our reference point. Usually I like to start my wave counts with letters, but what matters more than the letter is placing trades in the direction of the larger trend, and I try to make the analysis as logical as possible and avoid an opinion based on incomplete evidence( or too much speculations).
Now that the market has respected the levels we wanted to see, what should we expect?
We expect the market to make a push to the upside, and we can measure the potential target for this move by taking Fibonacci extension from the starting point of wave y to the ending point of wave y, and projecting from the ending point of wave x2.
To be more accurate about our target price, we make use of fib confluence levels. If you happen to have issues applying the fib tool you can reach out to me via dm, and besides, we’ll cover all that extensively during the free tradnalysis class later this month or early next month. Be sure I’ll let you know when the time is right.
To get more confirmations about this move, we also apply some indicators which tells us we are ready to move. Remember, wave count can be wrong, but what makes it formidable is when you combine it with some indicators and price action. That way you’re forming an extremely impressive formation that’ll eventually lead to profitability.
Setup: Our weekly setup will be taking a long position from higher 15k or 16k region, and we expect a move to around lower 17k to complete a wave 5 before we can expect some deeper corrections. Let’s ride the wave together and stay profitable friends.
Hitting the like button and follow button helps me reach out to more audience, and it encourages me to create more value for the community. Don’t forget to share your ideas and chart with the community in the comment section below, let’s master the market together.
Donations via TradingView coins also helps me at posting more free trading content and signals here.
Thanks for your continued support as this is second to staying profitable.
I’ll see you all shortly
Thank you
Namaste! Traders
Nueel_classic
Trade closed: target reached
Note
Thanks for following this analysis friends, we've reached our target profit and closed our long trade. we saw some retail bull FOMO action which led to an extended wave, I believe btc is still in a bull run, but part of what sustains a bull run is an healthy correction not FOMO. FOMO leads to losses at the end and the big players in the market capitalize on this to liquidate retail traders.I'll be posting the next analysis when I'm done preparing it.
"The market is a means of transferring money from the impatient to the patient."
Thanks for your continued support as always.
Stay Awesome
Nueel_classic.
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