Good Morning!
BTC had a nice run up but has failed to make higher highs and is now in corrective mode. Looking at the chart I had made a forecast of a triangle in an up channel suggesting that the bottom is behind us and that now is the time to load up on BTC during the dips.
I know that suggesting a triangle formation is early, however the trend lines appear to be in the making of a triangle which is typical in a wave 4 corrections.
If the triangle does not form we can still expect a wave C for the ABC correction of the previous impulse that BTC had, which in this case could take us to $7500.xx and at worst retrace 1.618% to bottom at $5663.xx. Giving recent activity with BTC I can't see worse case scenarios play out thus I am expecting to see 7670.xx for wave C within the triangle, which is also supported by MACD, and RSI indicators on the H4 time frame.
In addition, January 6th H4 BTC had a golden crossover which took BTC near $8500.xx but I am expecting this correction to simultaneously test the 100 EMA and bounce off the bottom of the triangle as mentioned.
Over all BTC looks bullish for this coming year, mind the corrections along the way.
Cheers!
BTC had a nice run up but has failed to make higher highs and is now in corrective mode. Looking at the chart I had made a forecast of a triangle in an up channel suggesting that the bottom is behind us and that now is the time to load up on BTC during the dips.
I know that suggesting a triangle formation is early, however the trend lines appear to be in the making of a triangle which is typical in a wave 4 corrections.
If the triangle does not form we can still expect a wave C for the ABC correction of the previous impulse that BTC had, which in this case could take us to $7500.xx and at worst retrace 1.618% to bottom at $5663.xx. Giving recent activity with BTC I can't see worse case scenarios play out thus I am expecting to see 7670.xx for wave C within the triangle, which is also supported by MACD, and RSI indicators on the H4 time frame.
In addition, January 6th H4 BTC had a golden crossover which took BTC near $8500.xx but I am expecting this correction to simultaneously test the 100 EMA and bounce off the bottom of the triangle as mentioned.
Over all BTC looks bullish for this coming year, mind the corrections along the way.
Cheers!
