BTCUSD trading idea: Elliott Waves and Support Levels.

in trading •  7 years ago  (edited)

All right folk.

The wave iv has made one more perfect match with the idea posted on Friday, and we see now, that $8 000 is crossed.
8000level.png

Monitoring the volume is very important now. I do not see any strong resistance level between $8 000 and $6 000, but there is a lot of neutral players waiting for opening the bullish positions. Recently we have seen the long (over $1 000) green 4h candles - that's how bulls used to correct the falls.

The C wave is ending. There are 2 options for the next pattern, end both are fine to make a bullish trade:

  1. Impulse
  2. A-B-C for double zigzag.

There is also an alternative of the extended 5 wave scenario.

Coming back with the new updates soon.

Good luck!

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Yup, the sell volume is VERY strong right now. It could be the capitulation i was looking for, remains to be seen.

200MA on the Daily barely held bouncy bouncy now :D remains to see if this is indeed a cat, and if it's dead or not :D

Very nice :) The best thriller ever live on blockchain tv.

Will be interesting to see how many will be hesitant to pull the trigger on this next wave as the overall move has been brutal.

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