Simple look at daily bitcoin chart idea with Trading ABC indicator and Slow Stochastic + MACD loaded.
I added in Institutional FVG indicator to give us some ideas as well.
If we take the current price as point C and the end of the current price movement, then we should see an inverse ABC going down first, which again looks likely on Slow Stoch RSI + MACD, such a move if it hits the FVG shown would lead to more of a down move is the theory.
So we can see $24.2K was point C and new point A, then point B will in theory be down through the FVG to around $17K before a rebound up to a new point C.
This is further confirmed if we look at Trendsurfer indicator (not loaded here) which shows resistance where we are now and down side to around $20K support roughly, if you turn on scalp mode it shows the price has moved below the trend line as well which would typically lead you to expect a downward move incoming too.
I added in Institutional FVG indicator to give us some ideas as well.
If we take the current price as point C and the end of the current price movement, then we should see an inverse ABC going down first, which again looks likely on Slow Stoch RSI + MACD, such a move if it hits the FVG shown would lead to more of a down move is the theory.
So we can see $24.2K was point C and new point A, then point B will in theory be down through the FVG to around $17K before a rebound up to a new point C.
This is further confirmed if we look at Trendsurfer indicator (not loaded here) which shows resistance where we are now and down side to around $20K support roughly, if you turn on scalp mode it shows the price has moved below the trend line as well which would typically lead you to expect a downward move incoming too.
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