There's so much buzzz around the recent price action of bitcoin. A lot of media articles and we all know that that means. We have had a FOMO cycle again in the short term.
Elliott wave accounts for the psychological aspects of trading. The 5th wave of an Elliott wave is the FOMO wave. After a 5th wave follows a retracement and to me right now it's looking like a triangle with the constricting price range.
In order to validate this theory I'm looking for a C wave retracement soon down to the trend line.
It's invalidated by a close and retest of the resistance.
To trade this I'm not gonna be playing the swings cause lets tbh its too hard work with bitcoin. Instead I'musing this as a guide to anticipate a true breakout into what is hopefully the next impulse wave in a cylce that will take us back to the 6000 level.
Elliott wave accounts for the psychological aspects of trading. The 5th wave of an Elliott wave is the FOMO wave. After a 5th wave follows a retracement and to me right now it's looking like a triangle with the constricting price range.
In order to validate this theory I'm looking for a C wave retracement soon down to the trend line.
It's invalidated by a close and retest of the resistance.
To trade this I'm not gonna be playing the swings cause lets tbh its too hard work with bitcoin. Instead I'musing this as a guide to anticipate a true breakout into what is hopefully the next impulse wave in a cylce that will take us back to the 6000 level.
Note
Well I was wrong
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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.