So the ABC correction was in place, but it double topped on the C and made a new move down, making it's first leg. I hope you guys put your stop losses tight like I told you or made some profit scalping that trade. I unfortunately trail stopped out, cutting my losses.
If the waves are correct, we're currently on wave five. It can potentially double bottom on the 8800 resistance level - market in white. The downtrend also seems to making a descending wedge pattern and can lead to a bullish momentum. Also keep an eye on the 50 and 200 MA - circled in white- , which gave us the signal of bearish divergence - circled in yellow.
A leg down on BTC could lead to some more bleeding on your alts, so keep those stop losses tight as well.
Happy trading!
*Not financial advice.
If the waves are correct, we're currently on wave five. It can potentially double bottom on the 8800 resistance level - market in white. The downtrend also seems to making a descending wedge pattern and can lead to a bullish momentum. Also keep an eye on the 50 and 200 MA - circled in white- , which gave us the signal of bearish divergence - circled in yellow.
A leg down on BTC could lead to some more bleeding on your alts, so keep those stop losses tight as well.
Happy trading!
*Not financial advice.
