...and the answer is also difficult.
I see two possibilities now at the 4 hour-chart.
- The first one: with the last drop, BITCOIN has reached the 5th wave bottom, end of the ZIG-ZAG correction...
3rd wave longer than 1st and 5th... 5th wave short but within the expectations, since "C" is just below "A" Leg... From now on, we should see 5 waves towards the "Target Resistance" in dashed Blue line.
If BTC manages to break that resistance it would be a very good signal of Reversal...
- 2nd Option (among others, of course...): The assumption would be that still the 4th wave is in play and 5th wave is still not initiated:
... As you see I am keeping the possibility to reach a lower level before watching a serious change on volume which supports the uptrend in order to get a HIGHER HIGH...
But till now the Volume does not change so much comparing last days and weeks so...second option is still realistic...
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
Published by Toofasteddie
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And if you HAD to take a decision would you buy or sell? :)
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Volume is so low...last long candle doesn’t trigger, for the moment, a set of continuos green candles, my “bet” is that we are going lower (2nd option)...the best, IMO is to sell some putting a stop loss at 3790$ so you can follow the uptrend in case is going upwards...
Hope it helps
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Honestly i feel a major dump is still outstanding....
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