As a followup to my bearish case for BTCUSD, here are my arguments for the bull. We've seen impulsive action off our recent higher low indicating that $5900 was our bottom of wave 4. If we assume that is true, here are my targets for short-term longs. There is also an argument to be made for bullish divergence on RSI and MACD shown here. I am watching for possible long entries around $8375 and $7750 with support/stops below $7500.
I am not entirely convinced yet, but a strong move above $12k would have me leaning towards this setup.
*This is not trading advice*
I am not entirely convinced yet, but a strong move above $12k would have me leaning towards this setup.
*This is not trading advice*
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For anyone curious about my nano count for the above ABC see here:
This is my sub-wave count for wave c of (b). If we make a new high, it is invalid. We look to be breaking out of a nano leading diagonal (falling wedge) down and will look to retrace up between 38.2%-76.4%.
This is my sub-wave count for wave c of (b). If we make a new high, it is invalid. We look to be breaking out of a nano leading diagonal (falling wedge) down and will look to retrace up between 38.2%-76.4%.
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Zoomed in look at the previous update:
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Clean touch of 1.382 fib extension for a ABC correction. Needs to hold if we are looking higher. If not then I am looking down for C of an expanded flat.
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I meant the 1.236 fib. And here is a clean touch on my index chart
