Guys,
I am new to TA's so I would love some feedback on the graph above.
I was expecting yesterday's low to continue and was bummed when my orders did not get filled and I missed the run up today. But that being said, it does not appear to me that the bulls have completely taken over. Above is my ongoing Binance BTCUSDT chart. It looks to me that a downward channel has started to form. Using Elliot Wave 12345, it looks like the recent short has formed its fourth wave and possibly resuming its downward trend. I utilized the 1 hour for the 5 subwave count. I know that the 3rd wave is to be the longest, do the 1st and 5th wavelength have any correlation?
To me, TECHNICALLY:it looks like volume is decreasing - bearish, MACD peaked and is on its downward trend - Bearish, STOCH RSI is oversold - bearish. FUNDAMENTALLY: thus far failed to breakout of the downard channel - bearish, testing the 0.382 Fib. channel - undecided, and elliot wave is point down - bearish.
Does this approach seem accurate, if not what am I missing? Any Tips or Tricks?
Thanks ahead of time on your feedback
-JMG
I am new to TA's so I would love some feedback on the graph above.
I was expecting yesterday's low to continue and was bummed when my orders did not get filled and I missed the run up today. But that being said, it does not appear to me that the bulls have completely taken over. Above is my ongoing Binance BTCUSDT chart. It looks to me that a downward channel has started to form. Using Elliot Wave 12345, it looks like the recent short has formed its fourth wave and possibly resuming its downward trend. I utilized the 1 hour for the 5 subwave count. I know that the 3rd wave is to be the longest, do the 1st and 5th wavelength have any correlation?
To me, TECHNICALLY:it looks like volume is decreasing - bearish, MACD peaked and is on its downward trend - Bearish, STOCH RSI is oversold - bearish. FUNDAMENTALLY: thus far failed to breakout of the downard channel - bearish, testing the 0.382 Fib. channel - undecided, and elliot wave is point down - bearish.
Does this approach seem accurate, if not what am I missing? Any Tips or Tricks?
Thanks ahead of time on your feedback
-JMG