Bitcoin Sub-Wave 5 or Crown Reversal with Love?
There is still potential to form a new all-time high at $6739 - a point of confluence for two big fibo extensions. On a smaller time frame (15MIN) the market has formed a higher high at the bottom of a key fibo zone at $5380 and RSI shows a bullish divergence (15 MIN) while being oversold (4HR). VPRP is also showing us we are currently trading just above a low volume zone at $5440.
We could turn around from here and get stopped out, or we can head back up and perform two possible scenarios:
Sub-Wave 5: enter and complete a sub-wave 5 of the current structural wave 5. There are numerous bullish confirmations available on smaller time frames to get involved, or you can wait for a breakout buy at $6200. Targets from there can be a previous daily fibo extension we never reached at $6476 as MIN TP and the hourly fibo extension where we see confluence at $6742 as MAX TP. Note that R to R is fairly weak in a breakout buy.
Crown Reversal: Alternatively, after getting involved in the smaller time frames, we may cross over the fibo support at $5890 and make a move to the downside for a crown reversal. A break of the rising wedge line could serve as confirmation with a target to the bullish confirmation at 5118 as MIN TP, followed by a MAX TP at $4446 which is the daily fibo extension.
Please note*** at the moment the daily chart shows us red candles with RSI giving us a selling signal, so opening a long trade at this time carries considerable risk.
Cheers and GLWT!
-Erik
We could turn around from here and get stopped out, or we can head back up and perform two possible scenarios:
Sub-Wave 5: enter and complete a sub-wave 5 of the current structural wave 5. There are numerous bullish confirmations available on smaller time frames to get involved, or you can wait for a breakout buy at $6200. Targets from there can be a previous daily fibo extension we never reached at $6476 as MIN TP and the hourly fibo extension where we see confluence at $6742 as MAX TP. Note that R to R is fairly weak in a breakout buy.
Crown Reversal: Alternatively, after getting involved in the smaller time frames, we may cross over the fibo support at $5890 and make a move to the downside for a crown reversal. A break of the rising wedge line could serve as confirmation with a target to the bullish confirmation at 5118 as MIN TP, followed by a MAX TP at $4446 which is the daily fibo extension.
Please note*** at the moment the daily chart shows us red candles with RSI giving us a selling signal, so opening a long trade at this time carries considerable risk.
Cheers and GLWT!
-Erik
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RSI is looking good. Need to break the downtrend line and then tackle the confirmation line. After that we need to watch the hourly fibo extension at $6028, which is also the edge of the fibo resistance zone (it could give us grief).
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I'm out for now...Watch price action here as we retraced up to the 0.5 fibo. We double topped on the small time frame and could be forming a mini crown reversal. The right shoulder may not form, but still. Will buy a breakout to the upside if we go that way.
1HR
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Wahooo! Got the breakout
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15 MIN view:
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Nice hook! RSI is pointing up really nice after the breakout level test...lets aim higher?
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Trailing stop triggered overnight. Will update sometime soon.
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Backed off sharply after almost reaching the fibo extension in the last chart! This is why you trail your stops to make your position profitable. Overall we are still bullish, but I would not want to see trading below $5500.
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Nice one!
Small time frame shows nice bullish pattern?
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Hit the hourly fibo extension. Consolidation time?
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We should not trade below $6000.
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Rising wedge?
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At this moment we look bullish on the small time frames. This consolidation range is a good place to enter as you can measure risk reasonably well. A break of the rising wedge line is bearish, and failing to rally buyers at the huge breakout buy area at $6200 is also bearish. Keep in mind the wave 5 out of 5 context, though, so stay out or respect yourself with your commitment.
To answer some of your questions:: There was a fibo extension right above the breakout buy, which is why price went to consolidation. Also, if you want an EW count, it looks like we are in a wave 4 consolidation going to 5. We can still squeeze out 7 to 10% I think :D
To answer some of your questions:: There was a fibo extension right above the breakout buy, which is why price went to consolidation. Also, if you want an EW count, it looks like we are in a wave 4 consolidation going to 5. We can still squeeze out 7 to 10% I think :D
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Past fibo resistance zone!
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Reached MIN TP!
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Reached the hourly fibo extension and we are in the crown reversal zone! :D
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We are getting close to the end here...
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HIT MAX TP! Thread closed. :D
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