BTS BTC: Elliot Wave 5 ready to go

There is a strong possibility that there is another rally coming. Here's why

1. The wave principle has not been broken by the new low. The 4th wave has not overlapped Wave 1. This means that we're due for another impulse wave. The guidelines says that it should be similar to wave 1 in length
2. There are reversal candles near the trendline support.
3. STOCH RSI Bullish divergence - see purple lines
4. BTCUSD fear is cooling off and is trading sideways . A trend upwards could boost the start of the new BTS wave.

Target: 5000.
Stop loss : a close overlapping wave 1's price line

Don't forget to take profits along the way.

Order cancelled

Taking too long + Not sure that the bear cycle is over. This might be a bigger B Correction Wave that goes up a bit,

Trade active

Actually went short because of the failed 5th wave. This means we're still in a bear market

Note

mostly_george

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.

mostly_george