ZR1! Potential for Bullish RiseLooking at the H4 chart, my overall bias for ZR1! is bullish due to the current price crossing above the Ichimoku cloud, indicating a bullish market. Price is also along a bullish trend line. Looking for a buy entry at 18.050, where the 61.8% Fibonacci line and recent high is to ride the bullish momentum. Stop loss will be at 17.600, slightly below where the 50% Fibonacci line is. Take profit will be at 18.530, where the previous swing high is.
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Rough
Quick and dirty outline of wavesJust some quick and rough sketches: import targets are 3600, 4200 and 5k.
Now, let me be the first to say that I don't believe in predicting targets this way. First of all, BTCUSD is too twitchy to make accurate predictions at the moment. Additionally, it's all about counting waves and subwaves for me - these Elliot waves will be adjusted and re-adjusted in the upcoming days. Once first waves become more clearly defined and clear pivots appear I can start overlaying fibonacci levels to see which hypothesis works best on what's already manifested itself. As is at the moment, there's not enough info to do more than this type or roughing-things-out.
Either way, I'm think we might be seeing a nice drawn out triangle for the first day or so, going into wave 2 of 2 of 2 of 2 :-) After that, I'll have more to go on.