If the count is correct, then we are in the making of wave 5 of wave A.
This means that we are expecting a wave B upwards.
Several things to notice from the chart:
* Wave 5 = 0.618 * Wave 1
* As we are approaching the support line, the volume is getting lower and the candle body's are getting smaller. At the current moment, this months candle is looking more and more like a spinning top (might even turn into a doji if it goes up a little).
* If we draw a long term trendline, we also notice that this trendline is real close to where BTC is right now. This should also serve as support.
These are all bullish signs.
For the bearish case:
Since wave 5 = 0.618% of Wave 1, we might also see a drop to Wave 1 = Wave 5 target which also aligns with the support drawn at approx. 4700 level. So it might just happen that we fall to this level.
In the end, this is not a trading advice, and I might be completely wrong :)
What do you think?
This means that we are expecting a wave B upwards.
Several things to notice from the chart:
* Wave 5 = 0.618 * Wave 1
* As we are approaching the support line, the volume is getting lower and the candle body's are getting smaller. At the current moment, this months candle is looking more and more like a spinning top (might even turn into a doji if it goes up a little).
* If we draw a long term trendline, we also notice that this trendline is real close to where BTC is right now. This should also serve as support.
These are all bullish signs.
For the bearish case:
Since wave 5 = 0.618% of Wave 1, we might also see a drop to Wave 1 = Wave 5 target which also aligns with the support drawn at approx. 4700 level. So it might just happen that we fall to this level.
In the end, this is not a trading advice, and I might be completely wrong :)
What do you think?