I think that we are still consolidating, there is some FUD being spread around by news sites by the uncertainty of the segwit 2 and its effect on upgrades (exchanges shutting down, retailers affected etc.) However most of this is invalid, as most services will only be down for a few days.
Thus, I believe a 3 legged ABC correction will occur before a handle forms for ATH retest. This is an excellent point to establish entry points for BTC if a dip does happen. I have 2 entry points
(1) is the 100 MA on 1hr (usually good support)
(2) is the retest of the old trendline.
I recommend placing buys at both of these points. Assuming everything goes to plan, 3000+ will be reachable. I believe 3700 to be the target price for this larger wave. Place stop losses just below the old trendline around 2400. At 2650 and 2450 entry this gives us _excellent_ RW.
Thus, I believe a 3 legged ABC correction will occur before a handle forms for ATH retest. This is an excellent point to establish entry points for BTC if a dip does happen. I have 2 entry points
(1) is the 100 MA on 1hr (usually good support)
(2) is the retest of the old trendline.
I recommend placing buys at both of these points. Assuming everything goes to plan, 3000+ will be reachable. I believe 3700 to be the target price for this larger wave. Place stop losses just below the old trendline around 2400. At 2650 and 2450 entry this gives us _excellent_ RW.
Trade active
TArget 1 reachedNote
Note: although I have two entry points here, it doesn't guarantee point 2 (retest of old line) will be reached. It's possible that point 1 may be the lowest for a while.Note
possible path
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Target reach, currently long futs.Let's hope we don't turn bear again, on towards greatness! :)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.