BitcoinLong
Bitcoin XBT update, upcoming corrective wave
Updated
hey guys welcome to a brand new update of Bitcoin XBT, right now price movement is totally freaking out, looks like bitcoin is playing tricky steps, so its better that we must focus on higher degree rather than to go in a lower time frame.
now here we have a crystal clear double 3s elliot corrective wave pattern where most likely we're moving in larger Y wave which is a 5 wave move in itself and most probably we've finished 3rd wave and moving in a 4th wave formation, now usually wave 4 retraces 38.2% of wave 3 but this could be an expanding diagonal formation so wave 4 could even go upto 61.8% of wave 3.
for me i think 38.2% is the most likely level for the end of wave 4 coz we're also getting 200 DMA (green line) floating closer to 8800 level exactly 38.2.
however MACD and RSI are also indicating for a reversal but looks like Murrey's math oscillator need more prices momentum turned to be bullish.
i hope you guys have filled your bags under 7800-8000 as i've suggested in my previous analysis.
here in this chart we get a quite bearish scenario where that short term channel has already broken and indicates for a trend reversal, so could be more dump incoming, be prepared for the other side.
looking at my custom indicator...
my custom indicator has already confirmed the reversal in 1h chart.
whereas 4h chart is still messing with bears, but started getting momentum.
However with the daily chart clearly bulls have an upper hand.
alright guys, that's all for now hope this idea will help you to make profits, dont forget to hit like and support us so we keep bringing awesome new trading ideas for you, follow us for more future updates, and do comment your opinion, we appreciate your response:)
and to join our premium contact me on telegram, my premium members are enjoying both sides no matter whether its bullish or bearish ....
contact me on telegram to join we just made huge huge profits with ETH and XBT
refine your trading and turn your losses in huge profits...
This is Husain Zabir signing out
Ad DueDEX: The fastest crypto futures trading exchange, up to $110 free trading bonus.
Join now : http://bit.ly/JoinDueDEXClub
now here we have a crystal clear double 3s elliot corrective wave pattern where most likely we're moving in larger Y wave which is a 5 wave move in itself and most probably we've finished 3rd wave and moving in a 4th wave formation, now usually wave 4 retraces 38.2% of wave 3 but this could be an expanding diagonal formation so wave 4 could even go upto 61.8% of wave 3.
for me i think 38.2% is the most likely level for the end of wave 4 coz we're also getting 200 DMA (green line) floating closer to 8800 level exactly 38.2.
however MACD and RSI are also indicating for a reversal but looks like Murrey's math oscillator need more prices momentum turned to be bullish.
i hope you guys have filled your bags under 7800-8000 as i've suggested in my previous analysis.
here in this chart we get a quite bearish scenario where that short term channel has already broken and indicates for a trend reversal, so could be more dump incoming, be prepared for the other side.
looking at my custom indicator...
my custom indicator has already confirmed the reversal in 1h chart.
whereas 4h chart is still messing with bears, but started getting momentum.
However with the daily chart clearly bulls have an upper hand.
alright guys, that's all for now hope this idea will help you to make profits, dont forget to hit like and support us so we keep bringing awesome new trading ideas for you, follow us for more future updates, and do comment your opinion, we appreciate your response:)
and to join our premium contact me on telegram, my premium members are enjoying both sides no matter whether its bullish or bearish ....
contact me on telegram to join we just made huge huge profits with ETH and XBT
refine your trading and turn your losses in huge profits...
This is Husain Zabir signing out
Ad DueDEX: The fastest crypto futures trading exchange, up to $110 free trading bonus.
Join now : http://bit.ly/JoinDueDEXClub
Trade active
1h chart looks damn messy, as bitcoin continues to go sideways more and more hicksaws are rekting traders, as you can see prices are heading towards lower levels but doesn't shows any certainty in price movement, the best way to handle this is to sit tight and relax, wait for the price action....
Note
sorry for a mistake guys the Y wave looking in chart is actually the X wave thats my typing mistake i apologize for that
Related publications
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.