BitcoinGüncellendi BTC Wave E of Contracting Triangle Appears to be Underway
Background:
Triangles are sideways price action and a contracting triangle can be described as the top line (B to D) is declining and the bottom line (A to C to E) is rising. The corrective structure is labeled as ABCDE.
Commentary:
Yesterday, we posted that we appeared to be in Wave E of a contracting triangle on the minor degree, which would be invalidated with a close greater than 37,449.
Today, we update the chart and consider that the daily candle made today may be the start of Wave E and not the day before.
Although our previous invalidation point was not taken out, our new invalidation price would be a close greater than 38,874.71
Strategy Moving Forward:
We will look for completion of Wave E and consider the next wave may be a larger move.
We will also keep in mind the apex of the triangle for future price movement and look for signals to enter a test of the apex.
Wave / Pattern Analysis:
We are looking at the recent high of 42,000 USD as the completion of wave 5 on the minor degree and possibly wave 3 of the intermediate degree.
We appear to be Wave E in a contracting triangle on the minor degree.
Weekly Momentum:
Weekly signal is still bearish
Daily Momentum:
Daily Momentum is still bearish
Trade Signal:
No daily signal was generated today.
Summary:
While we look for BTC to consolidate and go lower in the short term, we are not yet in a position to enter a trade.
Triangles are sideways price action and a contracting triangle can be described as the top line (B to D) is declining and the bottom line (A to C to E) is rising. The corrective structure is labeled as ABCDE.
Commentary:
Yesterday, we posted that we appeared to be in Wave E of a contracting triangle on the minor degree, which would be invalidated with a close greater than 37,449.
Today, we update the chart and consider that the daily candle made today may be the start of Wave E and not the day before.
Although our previous invalidation point was not taken out, our new invalidation price would be a close greater than 38,874.71
Strategy Moving Forward:
We will look for completion of Wave E and consider the next wave may be a larger move.
We will also keep in mind the apex of the triangle for future price movement and look for signals to enter a test of the apex.
Wave / Pattern Analysis:
We are looking at the recent high of 42,000 USD as the completion of wave 5 on the minor degree and possibly wave 3 of the intermediate degree.
We appear to be Wave E in a contracting triangle on the minor degree.
Weekly Momentum:
Weekly signal is still bearish
Daily Momentum:
Daily Momentum is still bearish
Trade Signal:
No daily signal was generated today.
Summary:
While we look for BTC to consolidate and go lower in the short term, we are not yet in a position to enter a trade.
Not
Outlook changed:
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.