BitcoinAtualizado BTC - Bull Trap - Bear Trap - Which is it?
Not financial advice. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
We are in the best of both worlds right now. We're definitely nearing a decision making point. Let's get right to it.
First off, I'm of the opinion we're still in an ABCDE wedge and the last jump to 4190 was us putting in the C and we're heading down to a D before we bounce up yet again to finish this wedge, get our E and finish our major 5 wave structure. There are obviously two scenarios that can happen here and nobody can predict the future but I can say a few things based on what I see in the charts.
1. We're in a corrective move since we hit 4190. Corrective moves usually come in 3 waves. You can see those with the ABC, ABC, ABC in the little white circles with my main corrective count in the blue parenthesis.
2. We have a major trendline support denoted as a green support line at the bottom of our structure. This is where I expect our support to be the strongest (even though we have seen really great support already).
3. I have two pitchfork setups that you can see. One is a bullish case and one is the bearish case. Typically with us retracing to the 61.8 (3650) we have high probability of hitting the median line on a move up. That's the little box I've highlighted where the (b) has not been hit yet. Honestly, that would be a great place to enter a short position if you're not already short. If we don't get there, that is bad news for bulls. I can't tell right now if we're getting rejected here but if we are I would expect a break of 3750 and taking us back to 3500.
All in all, look for a break of the green box or a bounc off our green trendline. Other than that, there's nothing really great to trade here.
Trade safely friends!
<3 -CE-
We are in the best of both worlds right now. We're definitely nearing a decision making point. Let's get right to it.
First off, I'm of the opinion we're still in an ABCDE wedge and the last jump to 4190 was us putting in the C and we're heading down to a D before we bounce up yet again to finish this wedge, get our E and finish our major 5 wave structure. There are obviously two scenarios that can happen here and nobody can predict the future but I can say a few things based on what I see in the charts.
1. We're in a corrective move since we hit 4190. Corrective moves usually come in 3 waves. You can see those with the ABC, ABC, ABC in the little white circles with my main corrective count in the blue parenthesis.
2. We have a major trendline support denoted as a green support line at the bottom of our structure. This is where I expect our support to be the strongest (even though we have seen really great support already).
3. I have two pitchfork setups that you can see. One is a bullish case and one is the bearish case. Typically with us retracing to the 61.8 (3650) we have high probability of hitting the median line on a move up. That's the little box I've highlighted where the (b) has not been hit yet. Honestly, that would be a great place to enter a short position if you're not already short. If we don't get there, that is bad news for bulls. I can't tell right now if we're getting rejected here but if we are I would expect a break of 3750 and taking us back to 3500.
All in all, look for a break of the green box or a bounc off our green trendline. Other than that, there's nothing really great to trade here.
Trade safely friends!
<3 -CE-
Trade ativo
Bias and target have changed slightly due to market movements:
CE - BitDoctor
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Beware of scams - I'll never DM you asking for funds.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.
CE - BitDoctor
Access our private indicators and join our Premium Room: bitdoctor.org
Beware of scams - I'll never DM you asking for funds.
Access our private indicators and join our Premium Room: bitdoctor.org
Beware of scams - I'll never DM you asking for funds.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.