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BTGUSD $525? Elliot Wave Analysis
Bullish Indicators:
-Strong support at 61.8% retracement level, bouncing off twice with it being higher RSI on the second test with 29 RSI first touch and 36 RSI second touch
-Solid entry point on stochastics; it is about to break the 20 level
-Trading at the bottom of RSI and stochastic support
-Bullish MACD divergence on 1h candles
Price Target 525 Stop Loss 250
Descending triangle correction with ABCDE filled out - I drew it another way as well with only 3 ABC's completed, so it may have 2 more ABC waves ahead before move up
I thought the correction looked like a flat at first but I decided against it considering it didn't retrace nearly as much as it should if it was one. Not only that, but the correction after wouldn't be a 5-wave.
Please leave any feedback in the comments and PM me if you have any questions, I can't reply to comments due to recent moderation action
-Strong support at 61.8% retracement level, bouncing off twice with it being higher RSI on the second test with 29 RSI first touch and 36 RSI second touch
-Solid entry point on stochastics; it is about to break the 20 level
-Trading at the bottom of RSI and stochastic support
-Bullish MACD divergence on 1h candles
Price Target 525 Stop Loss 250
Descending triangle correction with ABCDE filled out - I drew it another way as well with only 3 ABC's completed, so it may have 2 more ABC waves ahead before move up
I thought the correction looked like a flat at first but I decided against it considering it didn't retrace nearly as much as it should if it was one. Not only that, but the correction after wouldn't be a 5-wave.
Please leave any feedback in the comments and PM me if you have any questions, I can't reply to comments due to recent moderation action
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