BTC golden bounce 50k 0.618
Updated
Wave counting suggest we are in the final wave of this bounce.
Second wave bounced off the first wave Fibonacci Extension at 0.618.
1.618 coincides with 0.618 from top to bottom.
Could this be basically a big B bounce wave of a larger ABC correction.
This is no place to long. BTC will most likely consolidate for a period before resuming pump.
We can see a clear price contraction in a upward trend, a rising wedge.
MACD histogram showed hidden bullish divergence that played out and is now potentially forming a bearish one with higher prices but lower positive momentum. RSI in the same situation as MACD.
A lot of resistance around the 50k from previous price action, also a strong psychological level.
It remain to be seen if 50k is going to be a big pullback or just a consolidation.
If 50k is a top 42.4k is the support.
Longs vs shorts.
Interesting how longs are closing on the way up and shorts are almost non existing.
Last time shorts where at this levels was back in April-March when we saw the top at 64k.
Second wave bounced off the first wave Fibonacci Extension at 0.618.
1.618 coincides with 0.618 from top to bottom.
Could this be basically a big B bounce wave of a larger ABC correction.
This is no place to long. BTC will most likely consolidate for a period before resuming pump.
We can see a clear price contraction in a upward trend, a rising wedge.
MACD histogram showed hidden bullish divergence that played out and is now potentially forming a bearish one with higher prices but lower positive momentum. RSI in the same situation as MACD.
A lot of resistance around the 50k from previous price action, also a strong psychological level.
It remain to be seen if 50k is going to be a big pullback or just a consolidation.
If 50k is a top 42.4k is the support.
Longs vs shorts.
Interesting how longs are closing on the way up and shorts are almost non existing.
Last time shorts where at this levels was back in April-March when we saw the top at 64k.
Note
Entry: 49.3k
SL: 51.1k
TP1: 42800 3.6 Risk Reward Ratio pretty good
TP2: 37100
TP3: 29300
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