BTC (Y20.P5.E8).Will it be H&S or Triangle?
Hi All,
BTC has a habit of making H&S or Triangles for the topping formation.
I'm leaning towards H&S but not so clear in identifying it.
I have the 2019 top formation and I am expecting something similar in structure where there is a LS, HEAD and RS.
Alternatively a descending or symmetrical triangle to only end going to the down side.
I see the ABC correction wave taking place, the micro one now and the macro one to follow suite.
Point (C) can be a lot deeper as well, low 15K.
I usually look for 3 impulses to the down side and an ABC impulse to the upside. If you know what I mean.
This is why (c) is in the green area, as the 3rd micro impulse or the i, ii, iii, iv, v movement.
As per chart, I see us heading towards 13K to 14 K range, either falling short to the previous top of macro level of 12K or overshooting it.
I'm leaning towards falling short. This also fits into the scenario of 30 to 35% pullback.
I'm not sure how it fits into the weekly 20 EMA, but I think its a logical guess at this point.
Lets see how the coming week turns out as we need more clues to the puzzle.
All the best.
S.SAri
Fractal
Some guess work
BTC has a habit of making H&S or Triangles for the topping formation.
I'm leaning towards H&S but not so clear in identifying it.
I have the 2019 top formation and I am expecting something similar in structure where there is a LS, HEAD and RS.
Alternatively a descending or symmetrical triangle to only end going to the down side.
I see the ABC correction wave taking place, the micro one now and the macro one to follow suite.
Point (C) can be a lot deeper as well, low 15K.
I usually look for 3 impulses to the down side and an ABC impulse to the upside. If you know what I mean.
This is why (c) is in the green area, as the 3rd micro impulse or the i, ii, iii, iv, v movement.
As per chart, I see us heading towards 13K to 14 K range, either falling short to the previous top of macro level of 12K or overshooting it.
I'm leaning towards falling short. This also fits into the scenario of 30 to 35% pullback.
I'm not sure how it fits into the weekly 20 EMA, but I think its a logical guess at this point.
Lets see how the coming week turns out as we need more clues to the puzzle.
All the best.
S.SAri
Fractal
Yorum:
Using the Weekly RSI indicator to find the pullback level, and hence bounce. My expectation is the weekly 21 ema. (D.chart)
Using the daily RSI indicator to find the ABC bounce, as this shows what levels is the average for a continuous uptrend, lately
Yorum:
be cautious, high volatility and usually the 3 to 4 wave is complex and messy so have your stop loss in.
Yorum:
the 15 min gives us a clue as to what's happening. For now it looks like a bear flag. If however this holds and touches the top of this formation, it is likely to break out upwards (2 touches to the bottom, 3 touches to the top)
However its not the time to buy in until we some bullish candle combination on the 15 min.
However its not the time to buy in until we some bullish candle combination on the 15 min.
Yorum:
Most of the alts have a similar formation. ETH looks bullish as it holds $500
Yorum:
Looking at the 30 min and 1 Hrly candles, its going to move to the upper resistance now.
Discord: discord.com/invite/vb4hbP88vb (TradeToProspa)
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
