BTC had definitely negated the H&S potential that we had talked about yesterday, and is now inside the wider EQ range of $9,400 and $8,900. => This will see a definitive break to either direction, and will give a perfect trading opportunity. To the upside we have around 8% potential up to 10k psychological previous resistance. To the downside we have the previous breakout zone around 8k, which would give 10% profit.
The probability is currently leaning more towards bullish: We're at the top side of the resistance, and have a potential 4H Morning Star in the building, if we close the candle like this.
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It's coming to an end, now we have H1 and H4 bear divergence so I'm looking for the short W1 C down. BTCUSD H4 Running Flat In Wave X.
Edgy_
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@Boon2, Thx for your post. I don't take EW seriously, because so far I couldn't find 2 guys agreeing on it yet, but feel free to use it if it helps ypu. Also divergence itself is not a strategy, as long as there is no corresponding price action going on. => on the potential H&S yesterday we had that. Now the bulls have broken above: we have to see if they can see any follow-through. A fake-out here would be a major red flag.