BTGUSD $488+ After Correction? Elliot Wave Analysis
Updated
Preface - don't enter long now, at the price of posting, this is a long idea at ~320-296
Why I think this:
Short-term bearish indicators
-Bearish RSI divergence on shorter candle lengths (blue line on RSI graph)
-Bearish MACD divergence seen on longer candle lengths (4h for example)
-RSI showing a lower low for each lower low, showing a likely continuation short-term (white line on RSI graph)
-This is showing a likely at least a retest of the previous support at the 50% Fibonacci retracement.
Longer-term bullish indicators
-Super strong volume on breakout of consolidation phase
-Strong RSI on longer candles lengths (again, seen on 4h) from high to high showing a continuation after correction which is also shown short-term on longer candles like 4h where low to low it's reaching lower RSI)
Please leave any feedback/comments below. If I don't reply feel free to PM me (I have been having trouble responding to people in my comments for whatever reason)
Why I think this:
Short-term bearish indicators
-Bearish RSI divergence on shorter candle lengths (blue line on RSI graph)
-Bearish MACD divergence seen on longer candle lengths (4h for example)
-RSI showing a lower low for each lower low, showing a likely continuation short-term (white line on RSI graph)
-This is showing a likely at least a retest of the previous support at the 50% Fibonacci retracement.
Longer-term bullish indicators
-Super strong volume on breakout of consolidation phase
-Strong RSI on longer candles lengths (again, seen on 4h) from high to high showing a continuation after correction which is also shown short-term on longer candles like 4h where low to low it's reaching lower RSI)
Please leave any feedback/comments below. If I don't reply feel free to PM me (I have been having trouble responding to people in my comments for whatever reason)
Note
BTGUSD has found solid support on leg 4 at the 38.2% retracement. Bullish MACD divergence on many different candle lengths. Entry - <355$, PT 496-515. If it dips from here to a lower Fibonacci level just average down.Note
PT 488-515**
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