Bitcoin tested the 50 SMA and the 50 line of the RSI from below. It may well reach the 11K in the next 4-6hours. If you look at the 5 minute chart the test is represented by a double top. This was a very bearish signal. Be carefull and always look for building momentum. I am not a trader and these are not financial advices. It is only my view.
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It started the move very rapidly. Let's see
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30sec timeframe stopped already twice...maybe is making a fifth wave targeting 11.200...its very quick
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11329 short term support
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It should get at 11.200 at 17:30
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stopped again at 11300 but should go RSI oversold and finalize the move
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Sorry but this is 30sec timeframe super fast trading on momentum...on got carried away...sorry. I was just following the trend. Let's see how it moves...
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Ok it pulled back a little bit...let's take a deep breath...sorry...I will continue later. Thank you for the patience.
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And then the abc pullback retracing previous move
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Looks like a running correction but now it is time to wait for the next move.
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For anybody that followed and liked the run thank you for following. It was really nice to think that someone liked my ideas. Thank Tom Hall for believing in me. Ciao
@alanmasters Pls what does abc pullback retracing means?
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@ELKIDDY, Hi, I hope you will forgive me if I step in. 12345 are the waves that makes an impulse (3motive/2corrective). Then, when it reaches an obstacle it pullback and retraces with a 3 wave abc pattern. After completing this pattern it entered into a little run and then broke for the downside but didn't reach for a lower low and is now diverging with RSI. But still you can see the downward pressure. I am looking at a 15sec screen but on the 1minute you should see it