Keep Howling for the Bulls!!!
Looking at a 1h chart, we can see that BTC 1.55% just broke the resistance trend line ( in white ), consistently building the 5th Wave of the larger degree.
- As Elliott said simple 2nd wave leads to a more complex 4th wave ( vice versa ), which ended right in the golden pocket!
- If BTC 1.55% breaks the first resistance level ( 9583€ which is also the top of the 3rd wave ), we can forecast that the 5th Wave may end near the last resistance level ( 10697€ ). More volume would make me more confident about this idea. The golden box drown into the chart can be a good zone for profit taking because there's some confluence, mainly the first algo target (-0.23 in green ) and proximity of the heavier resistance.
- We are finding support above the EMA waves indicating a strong move.
- After ending the 5th Wave, are we going to see a simple ABC correctiong? I would expect, at least a 50% retracment of the entire move. Anyway we shall wait and see.
This is just my perspective, my view of the BTC 1.55% chart. It is NOT a recommendation to buy or sell.
I would like to ear your opinions and strategies! Correct me if I am wrong or if I'm missing something.
Howling for the Bulls!! AUUUUU!
Peace
- BadWolf
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