This is not a trading advice, just a personal opinion.
Please feel free to comment and let me know what you think.
The green channel is the trend who started mid last month.
2 approach here :
- 1 : We stay inside the inner blue channel and wave 3 is about to complete, which would mean a correction incoming as stated in my previous graph.
- 2 : We break the inner blue channel upwards and the 3rd wave will most likely touch the top of the outside blue channel as below
Good luck and trade safe
After retracing a bit more accurately the trend lines and extending them, i found out they all overlap at the $2400 mark ( Is that a coincidence ? )
ETF decision is not too far away and will drive the price up or down.
By doing so, a new trend formation seems to have appeared.
We are approaching the previous higher trend line which was a strong resistance before. Let's see if it breaks it and completes the 5th wave or if we have started a totally new cycle