Observations:
1 We have hit resistance (assumption wave 3 completed)
2) RSI is above 80%
3) Nice to see 100 and 200 Daily MA coming to cross over soon (both can act as strong support)
4) Volume is dropping
5) Moving from 3 to 4 on wave cycle
6) BTC has been aggressive and there is a likely chance that the re-stracement is less than 0.618 and that the 200 MA is in the smaller area (small green area)
Thoughts:
Price range as per diagram and the direction of the prices in blue arrows.
I have a feeling that it will pull back as far s 0.5 on the fib. but not ruling out 4200 to 4300 (Binance Exch) prices
Please click like :)
1 We have hit resistance (assumption wave 3 completed)
2) RSI is above 80%
3) Nice to see 100 and 200 Daily MA coming to cross over soon (both can act as strong support)
4) Volume is dropping
5) Moving from 3 to 4 on wave cycle
6) BTC has been aggressive and there is a likely chance that the re-stracement is less than 0.618 and that the 200 MA is in the smaller area (small green area)
Thoughts:
Price range as per diagram and the direction of the prices in blue arrows.
I have a feeling that it will pull back as far s 0.5 on the fib. but not ruling out 4200 to 4300 (Binance Exch) prices
Please click like :)
Trade active
Trade active
With further developments, I have changed my position first on ETH. Then looked back at BTC, and now I am seeing a bulling flag. I still hold my position for the retracement but rule and the lowest and look at 4500 range. So for now, I see the target at the next resistance in the 5700 range.Note
oops, that was ETH chart (copied the wrong link for the chart)Trade active
I went to update this and realised I might have left some details out, correction. I do expect BTC to go sideways and then down to the prefered prices. I'm not sure that the previous diagram is correct as a bull flag.I would like to see the pullback as per this diagram (to buy in)
Trade active
Daily 300 SMA acting as resistance, then support and now resistance.Major support with daily 50 and 200 SMA (golden cross)
Other indicators, both RSI and NVT (weekly) indicator suggest over bought conditions.
Trade closed: stop reached
SInce final target (red zone reached) and some lessons learnt, closing this post. I dont believe we won't go past the red zone (strong resistance), The rest is all about the cycles going down to the 4500 range, My thoughts are here
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Discord: discord.com/invite/vb4hbP88vb (TradeToProspa)
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
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.