$BTC BTC bearish sequence incomplete - Bear Flag/Bull Trap
if BTC takes out current high ~ 38.9k, look for wave 2 to complete at targets as shown.
S/L just above the 1.618 as shown.
Targets below as well.
wave 3 will be equal leg of wave 1
and wave 4 will be equal leg of wave 2.
target for wave 5 will be determined once 3 and 4 are in place.
avoid being greedy, take profit before target as market can easily turn if it wants to we are already very oversold and deep down from ATH, however the bearish sequence is still incomplete in cycle II.
** You can also start to reaccumulate your spot bags for next cycle up (cycle III with 5 huge waves up), once wave 5 of C of Y of cycle II has completed**
S/L just above the 1.618 as shown.
Targets below as well.
wave 3 will be equal leg of wave 1
and wave 4 will be equal leg of wave 2.
target for wave 5 will be determined once 3 and 4 are in place.
avoid being greedy, take profit before target as market can easily turn if it wants to we are already very oversold and deep down from ATH, however the bearish sequence is still incomplete in cycle II.
** You can also start to reaccumulate your spot bags for next cycle up (cycle III with 5 huge waves up), once wave 5 of C of Y of cycle II has completed**
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adjusted to wave count/labels. same idea same targets same concept, nothing has changed except the labelling
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reached out targets, technically should be completed and ready to resume lower. However, it *could* extend to ~ 46k. If u wanna short u can enter in this blue box range just put stoplossjust above the 1.618
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wave (ii) shouldnt retracement past 0.5 fib, it should fail.
if goes higher, we can also favor the wave (v) of C was not completed
if goes higher, we can also favor the wave (v) of C was not completed
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this can be an alternate view on current wave count
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expecting wave (i) to complete at the blue box area followed by a 3 wave bounce in wave (ii), can scalp some longs from this area and for late shorts or 2nd chance, u can enter once wave (ii) completes it *should* fail below 44k but *can* extend. Stop loss is just above previous high, u can place it ~ 46k and if gets stopped, we'll look for another entry.
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BULLZOOKAA!!
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The common ground on both Fib extension is ~25k, so to ensure you reach those targets and get your bags filled, aim for that area. You can keep some additional buy orders piled up down low in case it wicks down as usual.