Bitcoin - Rally won't Stop but pullback before resuming higher!
Looks like we are in orange wave v of larger degree (iii)
This wave v is playing out as an impulsive wave, and we might be in pink wave ((3)) for now.
So a small pullback to around the pink levels should come as wave ((4)) before we go higher once more for pink ((5)).
If the pullback is a bit deeper, then we can consider turquoise wave (iii) as completed and this pullback is then wave (iv).
Support levels would then be at 6k, 5.5k and 5.0k.
Usually, price doesn't break the base channel lines, so, 5.5K to 6K should be the reversal zone in that case.
If price goes below 4200, then the count gets invalidated and we need to adjust our view.
This wave v is playing out as an impulsive wave, and we might be in pink wave ((3)) for now.
So a small pullback to around the pink levels should come as wave ((4)) before we go higher once more for pink ((5)).
If the pullback is a bit deeper, then we can consider turquoise wave (iii) as completed and this pullback is then wave (iv).
Support levels would then be at 6k, 5.5k and 5.0k.
Usually, price doesn't break the base channel lines, so, 5.5K to 6K should be the reversal zone in that case.
If price goes below 4200, then the count gets invalidated and we need to adjust our view.
코멘트:
Price went up for that pink wave 5 as expected and we got the big reversal after we touched the 4.618 level at 8262.
코멘트:
This drop can be labeled as the first leg of the correction which means there's still room for more so don't start buying just yet.
코멘트:
Price made a triangle pattern and broke out of it.
Don't forget to like, share and follow !
Questions? Chat or Comment on Ideas
Don't forget my public Telegram channel -
t.me/em16public
Thanks !
Questions? Chat or Comment on Ideas
Don't forget my public Telegram channel -
t.me/em16public
Thanks !
Also, Subscribe to my FREE Telegram Channel for MANY more updates
t.me/em16public
If you have any questions, reach out to me through
comments, chat or my Telegram t.me/em16trading