BITCOIN: correction on going, preparing a new entry point
BITCOIN has performed a very good run, taking into account that such small volume can not justify for the moment a reversal movement, thought.
Nonetheless, BTC has reached the upper line of the planned trading channel, completing IMO the 5th wave of its upwards move.
Now is time for the normal correction, which is on going and for which I don’t think it’s finished yet.
- Since the last wave, the 5th, has been an extended one, I have to consider a deeper correction, perhaps going to meet the previous level of the 4th wave.
- That 4th wave was dancing around 6700USD and I guess the (abc) corrective waves will land very close to that level.
- Also because the RSI doesn’t touch the oversold area at the 1h-timeframe, the correction can be fit on a 3-3-5 move.
- After selling at 7100 USD I think that a good entry point can be at 6700 now...
Let’s see what will happen...
Trade safely.
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently.
Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
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by toofasteddie
Yeah I think we should see yet another dive any day now. Seems to be a bit of a pattern lately. BTC rallies a bit, then maybe some alts go up a little too. Then BTC dives and alts go to new lows. I'd be surprised if this does not happen again within the next 7 days.
Exactly, we need significantly more volume to confirm the uptrend...till then, I am going to trade the small longs and shorts within the channel, which seems to be up trending...
Cheers
I keep hoping and praying that the upward trend continues
The market will keep slowly up or in a sideways channel as we see now... be positive and enjoy cryptoland 😉
Enjoy the show!