One Possible EW count I see on BTC and what levels I'm watching.
This is my view of the EW counts on BTC after this healthy pull back, the cyrpto market took a pretty good hit last days, but as many T.A's of people I trust and some that I follow here on tradingview have been saying for a long time, market was overextended and corrections are HEALTHY for the stability and growth of BTC.
Now, the levels that i'm looking for a signal to know if the market wants to continue correction into the ABC larger correction (see chart above) or if it already corrected are the levels of:
0.618 fibo level of the last dive move wich corresponds to the 15300's area, if price bouces from this area we may see at least a retest of the previous lows or the continuation of a broader correction that can lead us to the next support level wich I beleive it's around 8000.
0.786 fibo level of the last dive wich corresponds to the 16500's area (wich is also the 0.618 retracement of the overall dive since all time hights), if price bounces with volume from this price area wich is also the resistance of the short-term down trend formed by the correction (red dot lines on chart above) I beleive It will confirm that we need to correct further before attempting to reach new ATH's, or at least we need to retest the last lower low.
If price manage to break these levels WITH VOLUME, I will be looking to add more to my core and will be looking to open LONG trades, and I will try to post them here.
I'm also looking for the RSI 50's area to be broken in order to confirm possible strong upward movement in case the price clear my levels above.
Comments and questions are always welcome even if you disagree with any of what i think, different ideas help us improve and learn from different points of view.
Remember to always do your own research and take actions based on what YOU decided to do.
Bitcoin address for donations : 1boxmaadLVrE6cxfx6UeE13NfvV9twBw2
Now, the levels that i'm looking for a signal to know if the market wants to continue correction into the ABC larger correction (see chart above) or if it already corrected are the levels of:
0.618 fibo level of the last dive move wich corresponds to the 15300's area, if price bouces from this area we may see at least a retest of the previous lows or the continuation of a broader correction that can lead us to the next support level wich I beleive it's around 8000.
0.786 fibo level of the last dive wich corresponds to the 16500's area (wich is also the 0.618 retracement of the overall dive since all time hights), if price bounces with volume from this price area wich is also the resistance of the short-term down trend formed by the correction (red dot lines on chart above) I beleive It will confirm that we need to correct further before attempting to reach new ATH's, or at least we need to retest the last lower low.
If price manage to break these levels WITH VOLUME, I will be looking to add more to my core and will be looking to open LONG trades, and I will try to post them here.
I'm also looking for the RSI 50's area to be broken in order to confirm possible strong upward movement in case the price clear my levels above.
Comments and questions are always welcome even if you disagree with any of what i think, different ideas help us improve and learn from different points of view.
Remember to always do your own research and take actions based on what YOU decided to do.
Bitcoin address for donations : 1boxmaadLVrE6cxfx6UeE13NfvV9twBw2
Komentar:
Price bounced from resistance and maybe we'll see a double bottom or a break to 8k. It's an important moment!
Komentar:
Happy holidays !! Btc is moving along the last down trendline, as it failed to break it I expect further downward movement untill next support, wich can turn into a tripple bottom and bounce for higher levels, or break and find support in the 8k/9k area.
