This is another community request. As I mentioned in one of my previous posts, I am currently learning charts and how all the indicators fit works together.
I would like some more help from the community in my journey as I might not always get things right with setting up various indicators, and this is where if you have the knowledge you could guide me along this journey...
As you can see I have marked my two downward marked in orange, I have then set up my Impulse Wave (12345). I could draw the Correction Wave in but I wanted to keep the chart a little cleaner while I explained what else I have done.
We saw that BTC didn't come down and touch the orange downward but it started trading sides instead of carrying on following the downward trajectory that it had. Because of the "sideways movement" I was able to draw the Green support line in and the Red Resistance line.
This is where I need help from the community, First of all, everything I mentioned above is that part correct?
The second part where I would like help with is I noticed everyone was starting to use the pattern (drawn in purple) to show where BTC could be moving.
My understanding of the three pattern drives pattern is where btc triple dips? This would normally indicate that we could see quite a nice bounce if my understanding is correct...
Now if this is all correct and I have set my chart up correctly then we should see btc rise in the short term (1-3 days) but then come back down as my belief is by that point the bulls would have lost their steam. I have drawn in a sitting at $7885 - $8018 if BTC does break that zone we could see a major uptrend though but I don't quite believe the bears are quite done yet.
If you agree with everything I mentioned give me a thumbs up so that I know I am on the right path, if I am wrong please comment below so that I can get a better understanding of where I am going wrong...
Thanks for taking the time, enjoy your day eve