Hi Traders,
As you can see, BTC is again forming a BEARflag pattern. Also subwaves can be counted more likely as abc coorection UP of Downtrend.
Yellow downtrend line was yesterday broken with nice pump. BUT is it enough to reverse trend ?
You can find 2 scenarios: In my opinion its more Bearish (70:30 to Bullish alternative) but we will se and react accoringly.
If we should go UP, I want to see EMAs reverse and cross of EMA 55 + EMA 200 on 2H chart + price confirmation of EMA 200 as a support.
Trade safe, don´t forget to use stoploss.
As you can see, BTC is again forming a BEARflag pattern. Also subwaves can be counted more likely as abc coorection UP of Downtrend.
Yellow downtrend line was yesterday broken with nice pump. BUT is it enough to reverse trend ?
You can find 2 scenarios: In my opinion its more Bearish (70:30 to Bullish alternative) but we will se and react accoringly.
If we should go UP, I want to see EMAs reverse and cross of EMA 55 + EMA 200 on 2H chart + price confirmation of EMA 200 as a support.
Trade safe, don´t forget to use stoploss.
Trade active
Note
Another alternative count... Because we broke UP 42-43K Resistance, it forces me to rethink first wave which was counted as (a). It could be with small chance a (i). it would mean, we are right now forming wave (v) of impulsive wave UP.
In that case we probably reached final resistance for 1st impuls wave UO. now there should be correction. 0.238-382 at least.
Note
Wave (c) reached 1.618 enxtension of (a) .... is it the correct count ? MAybe, right now we are under major resistance. Lets wait and let the market decide here to go.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.