The BTC chart on the high timeframe shows clearly support at 30000USD and resistance at 42000USD.
The EW count shows an ABC correction. My personal count is this would be the wave 4 of the entire bull market wave. We still have one more wave up for the wave 5 to potentially 100 000USD.
On the lower timeframe BTC chart on the right. The price is neutral which is in a symmetrical triangle.
Bullish case - we break above the symm triangle and break 42000USD to confirm fully bullish.
Bearish case - we have a ABCDE correction pattern and breaks down the triangle after wave E. Or we break the triangle downwards without touch E
For long term spot holding - recommend buying only after breaking the symm triangle.
I bought at 32000USD on the support retest and now at 35800USD at wave D in the triangle.
The EW count shows an ABC correction. My personal count is this would be the wave 4 of the entire bull market wave. We still have one more wave up for the wave 5 to potentially 100 000USD.
On the lower timeframe BTC chart on the right. The price is neutral which is in a symmetrical triangle.
Bullish case - we break above the symm triangle and break 42000USD to confirm fully bullish.
Bearish case - we have a ABCDE correction pattern and breaks down the triangle after wave E. Or we break the triangle downwards without touch E
For long term spot holding - recommend buying only after breaking the symm triangle.
I bought at 32000USD on the support retest and now at 35800USD at wave D in the triangle.
Note
15min closed below triangle, looking bearishNote
4H closed aboveNote
Be careful for a dump to 30 000USD - 32 000USD area
Note
bulls are fighting hardNote
Im 50% in spot. lets wait and see
Note
30mins bearish divergent.
When it comes down to the trendline again. it might be a good time to buy only if it doesnt break the trendline. Therefore stop loss can be set below the trendline.
Note
The chart went according to our bullish case. This is a good time to buy. Any SL would be set below the triangle.
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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.