I've just updated my Elliott wave count, so I am now hoping for that decent retracement for a potential reentry. It is also noticed that usually wave 3 and wave 5 exhibits a bearish divergence in the RSI and MACD, hence indicating a pending retracement.
With the clean breakout of BTC from its symmetrical triangle, many altcoins also followed the same movement. The impulse wave of the breakout was fast and is now probably overextended, that's why proceeding with caution in buying now. DO NOT FOMO INTO PUMPS! Wait for a retracement. A healthy retest of the Triangle may be a good entry since this could be the...
With the rejection off of the trend resistance of the Triangle, BTC see to be forming and Bearish Head and Shoulders pattern that could lead to a breakdown from the Symmetrical triangle. I would be cautious now in putting buy orders, I would probably wait for a stabilization of prices from the dumps. Weekends are known to be volatile or unpredictable, so people...
I hope people have set their stop losses higher since the breakout was rejected also due to the tweet of Elon Musk causing this recent Dip. We can see a rejection on the EMA resistance and prices coming back to the pattern. We also have a short term lower high, and now forming the lower low, as well as a breakdown from the RSI trendline. We may see further dipping...
We have just broken out of the Symmetrical Triangle pattern on the BTC chart, and it has been confirmed with a little retests. It might be a good idea to lock in those profits in Bitcoin or other Altcoin trades, OR move up those stop losses further up below recent support areas. This is in preparation for any sizeable dip that the market can give. We are still in...
$BTCUSDT has been in this Symmetrical Triangle pattern for the past weeks now. With the price nearing the upper trendline resistance, a potential take profit area can be utilized to lock in those gains. But it can also be wise to leave some on the table since with the constriction, a short term to medium term bullish breakout can occur, so make sure to claim some...
$BTCUSDT is potentially forming a Reverse Head and shoulder pattern which is bullish for now. However we are currently in a bearish trend, hence we must still be careful for further dips, and take profits as we go up an test the prior highs.
