Bullish Correction is due
Updated
In the above chart, I have shown the Converging Diagonals which started in mid of April and are the start of a bigger downward move. Wave 2 of this diagonal consisted of Triangular Waves while Wave 4 consisted of Zig-Zag.
The last Wave 5 of this downward move is a bit complex amid the yesterday's FOMC and CPI the day before yesterday. It turned into WXY waves pressing the Bulls even further.
I was expecting the BTC price to reverse and go into upward correction starting from yesterday from that Wave W ending point of Wave 5 instead of becoming a WXY Wave, but it did not happen, most likely because of the options expiry coming in on tomorrow Friday, so here we are at currently 25k with bulls having lost most of their power.
Still, The correction is long overdue and should be coming soon. I have place my SL on my invalidation point and closely watching the price action on LTF to show some signs of Bullish movement.
The last Wave 5 of this downward move is a bit complex amid the yesterday's FOMC and CPI the day before yesterday. It turned into WXY waves pressing the Bulls even further.
I was expecting the BTC price to reverse and go into upward correction starting from yesterday from that Wave W ending point of Wave 5 instead of becoming a WXY Wave, but it did not happen, most likely because of the options expiry coming in on tomorrow Friday, so here we are at currently 25k with bulls having lost most of their power.
Still, The correction is long overdue and should be coming soon. I have place my SL on my invalidation point and closely watching the price action on LTF to show some signs of Bullish movement.
Note
So far, we have seen good bullish move, but theres a possibility at the current price that we see converging diagonals as shown below. For this scenario, the price has to hold its 26.5k resistance area.If this scenario plays out, I will be entering long again with almost similar TP and adjusted SL.
Even if this scenario plays out, its fine for me as i am currently in significant profits anyway in current Position.
Note
Note that the scenario mentioned above in Comment is just a slight possibility. I am personally still expecting BTC to keep on rising.Shared this chart just to stay aware and manage trade accordingly incase things go south.
I would not recommend to take short position in hopes of this scenario.
Trade closed: target reached
BTC is 13% up in the past 5 days since my analysis. I do not not have any mid term bullish sentiments on BTC for time being, it was just an upward correction which I traded.
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