BTC - complex B wave

7 Ağu 2019

This is analysis is an extension of the linked Elliot wave analysis. The current wave appears to be the second subset of a complex B wave.

7 Ağu 2019

İşlem aktif

Stop: 12405
Target 7321

8 Ağu 2019

Not

Hourly and 21 min ADX both = 10; trend is extremely flat, new trend likely to form soon

8 Ağu 2019

Not

6Hr fast SMA (77; Orange) finding resistance under slow SMA (235; Blue; Circled).
ADX touch 50 and drop, RSI overbought (arrows) = potential reversal

8 Ağu 2019

Not

Fib Time Zone:
Short term breakdown on latest cycle:

9 Ağu 2019

Not

My confidence in the position is much lower following this bullish bounce, I will still hold the position, since my invalidation point is the long term descending fib speed fan level above. I may de-risk by taking some profit on the position.

BB midline support on 77 SMA (Orange) is particularly concerning

10 Ağu 2019

Not

Resistance under fast fib speed lines (circled)
Hourly BB midline bear cross through 77 SMA (yellow arrow)
Hourly RSI in oversold (often happens at the start of a trend; purple star)

14 Ağu 2019

Not

Outcome of earlier forecast (above)