If you will check the hourly charts we are formingly a bearish flag which we formerly thought an ascending wedge. Nevertheless, both patterns are bearish bias. As we confirm our trendline for this bearish flag with the recent pump of BTC due to the FOMO news today, we can clearly count this as WAVE 3 of our Impluse wave. We can see that the WAVE 2 took time and had a sharp correction. So most probably base on Elliott Wave Principle, WAVE 4 will be taking a short time and not sharp correction. I’m expecting to see pullback going to 46xx and 43xx. If BTC holds on these price levels, we can expect that we will go to WAVE 5 on the 55xx price level. Then an ABC correction will follow targeting 36xx price level as our WAVE C.
Take note that 55xx up to 64xx are strong resistance price levels.
Note: In trading there's no guarantee that you will gain or lose but with proper knowledge you can trade in the market with the highest probability. Always manage your SL and trade safely.
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Take note that 55xx up to 64xx are strong resistance price levels.
Note: In trading there's no guarantee that you will gain or lose but with proper knowledge you can trade in the market with the highest probability. Always manage your SL and trade safely.