Another look at the BTC chart, this time with a slightly different assumption for the end of primary wave 1 (blue box)
As intra-day chart shows a hidden 4-5 pattern. This seems to fit much better on the fibonacci scale than the last time.
For the chart I use a line (H L C /3) chart to reflect a weighted median price.
If this assumption hold, we can project a target for the end of (intermediate) wave 5. (Which would become the Wave 3 by measuring a fibonacci projection from the base wave 1 to 3 and place the scale at wave 4 which would suggest a {Profit Target 1} at $926 for a normal fifth.
Then we could also project a fibonacci scale from the base of wave 1 to the end of wave 1 then place the scale at wave 2 and we'll see two Fibonacci resonance at $926 and $1346 for an extended fifth (which is rather normal inside a wave 3.
Over the medium term, I'll be going Long on the next dip around $650 or if the price break previous high at $690
This would give me a relatively short Stop-loss level and a good profit target.
There is also a chance that wave 4 has yet to end (probable target around $653) Which is why I decided to wait a see for a few more days if the target will hold.
As intra-day chart shows a hidden 4-5 pattern. This seems to fit much better on the fibonacci scale than the last time.
For the chart I use a line (H L C /3) chart to reflect a weighted median price.
If this assumption hold, we can project a target for the end of (intermediate) wave 5. (Which would become the Wave 3 by measuring a fibonacci projection from the base wave 1 to 3 and place the scale at wave 4 which would suggest a {Profit Target 1} at $926 for a normal fifth.
Then we could also project a fibonacci scale from the base of wave 1 to the end of wave 1 then place the scale at wave 2 and we'll see two Fibonacci resonance at $926 and $1346 for an extended fifth (which is rather normal inside a wave 3.
Over the medium term, I'll be going Long on the next dip around $650 or if the price break previous high at $690
This would give me a relatively short Stop-loss level and a good profit target.
There is also a chance that wave 4 has yet to end (probable target around $653) Which is why I decided to wait a see for a few more days if the target will hold.
If the target holds then I can enter Long on the first confirmation signal.