Bitcoin (BTC/USD) Analysis
Alright so here we go with the Bitcoin update for the day. Looking back at my previous EW counts, we see that both are actually still valid. This count you are about to see is the same as the last "EW Count - A" where I am expecting a larger degree ABC correction w/ lower lows in the medium term. This count can be subdivided into 2 different ways (1 with just an extension of the third wave and/or the ABCDE triangle correction; which is the one shown below).
Looking aside from an EW perspective I have displayed the longer term (pink dotted horizontal lines) + shorter term (red solid horizontal lines) trading range on the chart with the equilibrium (white dotted horizontal line) fixed right in the middle of them. Expect to see the price action range between these zones in the near future until broken to the upside or downside where we will have to establish a new range. Notice the bull flag (yellow channel) + ascending triangle (orange trendlines). These are 2 bullish patterns that have formed in a row and successfully broke the the upside. Watching specifically for a retest of the triangle, which happens to be nice confluence towards my previous EW analysis.
Overall, I will be looking to long once again upon a dip within the 2 target zones where I hope to get my orders filled. At the point where orders are successfully filled, I will look to set my stop loss below the height of wave 1 (white) $4010. Although, this is where it gets tricky because a wick is allowed to go beyond it but a candle is not allowed to close below this level. What I will be watching for (if we get down to that low of a level) is a close of a 1hr candle before manually closing my position and taking a small loss.
This is not financial advice. I don’t take into account of your personal investment objectives, specific investment goals, specific needs or financial situation and makes no representation and assumes no liability to the accuracy or completeness of the information provided here. The information and publications are not intended to be and do not constitute financial advice, investment advice, trading advice or any other advice or recommendation. Any expression of opinion (which may be subject to change without notice) is personal to the author and the author makes no guarantee of any sort regarding accuracy or completeness of any information or analysis supplied.
This isn’t your chart you twat!! Don’t give this guy up votes