The statement "Keep it simple" plays an important role in the market. Cause you do not need to think deeply about the next move. The only thing is to set a simple true and acceptable system for every market. Backtest it with every single market, whether it is Stock market or Curreny market. The selected system may not work in every market. So keep learning, keep it simple and keep it backtest with market. Here also we did not consider all the factors that can be used here. The first thing you can find by visually is an Elliot wave as well as inverted SHS pattern. The question is which of them will the bitcoin move with. From the theory of the Elliot wave, 4th wave should not cross and get through the zone of the 1st wave. Look at the chart the 4th wave is at the zone of the 1st move. However, did not crossed yet. If price bounces back and breaks the red trendline. Then we can consider that the 5th wave is on the way. On the other way, if price breaks the zone of 1st move, then we can go long there for sure, cause this level is important zone for bulls calculating our target with the range of the SHS pattern.
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5th wave in action
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