I think the likely hood of BTC breaking out and starting another wave up is growing. We've held a rock solid support zone with every break below $8,900 being quickly recovered. We can see Bullish Divergence through 2 Hour, RSI touched the trend line on 2 hour, CCI went oversold and rose above the -100 line to retouch it, also, (not shown here) This last low found support at the 2 hour 200 MA and quickly pulled up. Additionally, there is precisely 0 bearish divergence in RSI 1 day chart. The top of the last bounce from $6k at least gave us this.
Now, If you freaked out and sold already, the safest place for confirmation is a break above $9,800 as this would clearly indicate a nice run to or near $12k later this month. I've personally reintroduced my profits already with a stop at $8,500 so I don't have to hover.
Under these conditions, we can again check the indicators for signals of whether this is an impulse wave up or if this is a corrective wave to form a contracting Triangle and head back towards the Pink trend line. Depending on the wave count and indicators, I'm prepared to buy a long at the $9,700 area.
Good luck out there and happy trading friends!
Now, If you freaked out and sold already, the safest place for confirmation is a break above $9,800 as this would clearly indicate a nice run to or near $12k later this month. I've personally reintroduced my profits already with a stop at $8,500 so I don't have to hover.
Under these conditions, we can again check the indicators for signals of whether this is an impulse wave up or if this is a corrective wave to form a contracting Triangle and head back towards the Pink trend line. Depending on the wave count and indicators, I'm prepared to buy a long at the $9,700 area.
Good luck out there and happy trading friends!
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Can you feel the bull? BTC Breakfast of champions! Eating Corrective wave fibs since $6,400!!!
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Your welcome guys!
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Objectively speaking, we're in an area where the potential of a larger pull back is real. Now, I'm not saying this is the case and a pivot back up from within the wedge would easily invalidate the oscillators in 4 hour and some other times spans. Just want to ensure everyone is well aware of the critical situation we're in should we not continue the strong bullish buying and indications in the charts. PLEASE don't panic. That's what magnifies and even causes situations in pivotal times like this when it could go either way. As we're discussed until now, the overall situation has been increasingly Bullish beyond expectations and is most likely the case. I'm taking some profits however remaining largely invested
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So As we can see, Re remained tight within support and resistance levels and broke out once again! This is why I only take profits on potential areas of break down and remain with my skin in the game. A little while ago I reintroduced those gains when it became more likely we break out. There are some scenarios I expect to see in the near future in BTC which will blow your minds should we realize them. All I can say is, Ill be taking profits but certainly not cashing out to tether at $12k zone
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1st wave pulled back, called it a bit early, next wave will get it done!
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so long as we're in that wedge, we're good to go. That red circle is the retrace area of expected interest I was originally posting when the candle broke resistance for a few. still looking fantastic to me!
