In our last analysis, we posted a short when we were in subwave 4 expecting subwave 5 lower. It appears that subwave 4 has not finished and has turned into an extended ABC correction. This is good news as it gives us another opportunity to catch the final shorts!
We are in a ZIGZAG formation and on the last legs of the pattern. We have 2 areas of interest we are watching: structure level at recent highs and the parallel ABC channel.
Trade Idea:
- Watch for rejection of one of the areas of interests mentioned above
- Draw a trendline and watch for a break for a more confirmed entry
- Once broken, enter with stops above the recent highs
- Targets: 17700, 16000, 14500
See below for our previous Bitcoin analysis.
Goodluck and as always, trade safe!
We are in a ZIGZAG formation and on the last legs of the pattern. We have 2 areas of interest we are watching: structure level at recent highs and the parallel ABC channel.
Trade Idea:
- Watch for rejection of one of the areas of interests mentioned above
- Draw a trendline and watch for a break for a more confirmed entry
- Once broken, enter with stops above the recent highs
- Targets: 17700, 16000, 14500
See below for our previous Bitcoin analysis.
Goodluck and as always, trade safe!