In the previous idea I identified the optimal buy zone in the 8150 area and a minor long triger at 8535. The latter gave boost to the bulls, which triggered some bullish H&S patterns in altcoins (ETH, XRPBTC, QTMUSD):
In the latest update I warned against being agressive in this environment: "One should be very careful trading this patterns, as forming a major bottom takes time. And a drop to 8100+ should still be considered. So, moving SL near breakeven as soon as the situation allows for it is an appropriate strategy." Currently, this drop to 8000-8150 is my preferred scenario. There is a bearish Butterfly pattern on the M30 chart (1.272/.707/.786/2.0), and also it is vital to form a bullish divergence to allow for a safer long entry. Besides, in this area the point D of the bullish Deep Crab harmonic pattern is projected. I will asses the test of this area in the updates. The second important support is 7760 area. The most secure way to enter longs is to wait until the downward price channel is broken.
I appreciate your support.
I appreciate your support.
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BTC: Intraday wave count
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Price is attempting to break the downward price channel. H4 close beyond it is very desirable for the bulls.
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The market remains neutral, better stay in cash for a while.
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Current wave count & price levels:
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Support levels / bears' targets:
