BTC Has completed an extended 3rd wave as we retest the $5000. Things are looking good for a push to $6000 if a 5th wave plays out. Many ALTS have played the 5 waves so thats a good sign for BTC to also play out the 5th wave.
Looking for a 4th wave retrace to $4800/$4700 where i would expect an accumulation to push that 5th wave.
Right now we have hit the red cloud resistance on the 3 day chart. Breaking that RED cloud resistance will be huge. This is where i expect some resistance and we will maybe see sub $5000. This could be a decent spot to enter.
Also remember that BTC held the 200 EMA support of $5800 bouncing to $6800 numerous times over a few months before diving below $3500. we could also see the same patter here so still be weary.
for me these $5200 levels are the take profit from our entries of $3400 and cashing the profits and stacking 20% of the trade in Bitcoin.
if it runs from here i wont chase it. We are very over sold and ill be looking for the sub 5k ( around $4800 to start using profits to accumulate again.
The 5th wave should eventually see the $6000 retest. If the trade works out ill accumulate bTC at that sub 5k mark and look for the 6k for take profits where the 5 waves ends.
Happy trading
Looking for a 4th wave retrace to $4800/$4700 where i would expect an accumulation to push that 5th wave.
Right now we have hit the red cloud resistance on the 3 day chart. Breaking that RED cloud resistance will be huge. This is where i expect some resistance and we will maybe see sub $5000. This could be a decent spot to enter.
Also remember that BTC held the 200 EMA support of $5800 bouncing to $6800 numerous times over a few months before diving below $3500. we could also see the same patter here so still be weary.
for me these $5200 levels are the take profit from our entries of $3400 and cashing the profits and stacking 20% of the trade in Bitcoin.
if it runs from here i wont chase it. We are very over sold and ill be looking for the sub 5k ( around $4800 to start using profits to accumulate again.
The 5th wave should eventually see the $6000 retest. If the trade works out ill accumulate bTC at that sub 5k mark and look for the 6k for take profits where the 5 waves ends.
Happy trading