Bullish continuation
Updated
Description chart short-term setup:
- Zigzag (5-3-5)
- RSI Bullish divergence 4h
- RSI breakout trendline
- Low probability 5th submicro wave (rule of alternation, fib 1.23)
- Target boxes laid out in chart. If part of larger correction price can take us to $3,81 - $4,54
Trade entered at $3.04
- Zigzag (5-3-5)
- RSI Bullish divergence 4h
- RSI breakout trendline
- Low probability 5th submicro wave (rule of alternation, fib 1.23)
- Target boxes laid out in chart. If part of larger correction price can take us to $3,81 - $4,54
Trade entered at $3.04
Note
Setup depends on bitcoin's price action, keeping a close eye on the formation of a possible wave 4Note
Bitcoin's price action broke the 0.618. Possibilities for bullish continuation just increased. Reassessing new wave count.Note
Wave 5 on the verge of completion. RSI bullish divergence still present.Note
Wave 5 touched the 1.618 and seems complete. Waiting for confirmation to add to my current position.Note
Possible leading diagonal for a wave 1 (15min)Note
Beginning to see some local weakness in the chart. Monitoring for a possible bearish divergence & trend break in RSI.Note
0.618fib touch invalidates a larger wave 4. Increases probabilities for a bullish continuation on larger time frame. On the 1h chart, trendline RSI already broke. Assessing wave count.Note
Bitcoin currently looks bearish. Broke the 0.618fib. Not expecting anymore higher highs.Note
No increase in volume yet, but for now I believe the low is in.
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