Double 1-2, expanded flat correctionsIntroduction
Bitcoin ended an impulsive wave last week, into mid term resistance piercing trough it and testing it as support.
Inflows are increasing with these higher prices , giving liquidity to the market.
If bitcoins manages to break last local low, the probability increases of trapping early longs in a false breakout to new all time highs
Analyzing the 12h chart
Accumulation / Distribution indicator showing an head and shoulders pattern and hidden bearish divergence with current priceaction
The rate of change of the ATR and Accumulation/Distribution indicator showing overbought signals at high valuations, if these indicators can cool of on sideways priceaction bitcoin can be worth a buy again, otherwise priceation will follow these indicators to the downside
Possible elliot wave count indicating a deep retracement as previous 1-2 count
Riskmanagement
Price should not go above the beginning wave 1 = Stoploss
If price goes under the end of wave 1 = stoploss at wave 2
Targets
50% / 61,8% / 78,6% Fib retracements
Green diagonal support
Green rectangle box