BTCUSD wants to go higher and has constructive price action the past few hours. But, we might have to go lower still before we go higher. If the bulls can hold the new trend channel in purple then we will move higher.
If the bears defeat the new trend channel we will test near the all time lows again.
I have marked stop-loss point on my chart.
The next few hours will tell us...
Note
We are holding the Trend Channel and didn't hit the Stop-loss.
So far, so good...
Note
We broke the Trend Channel and I hit the Stop-losss.
We have also retraced almost 90% of the 5 Mini-Wave cycle.
If it retraces more than 100% of the last 5 Wave cycle it will move lower to around $8,000 levels.
Note
We hit the downside target...
We could go slightly lower to the 1.618 Retracement but it wouldn't be for long if we did.
Let's see how bullish this turnaround is...
Will update soon.
Stay thirsty,
-AB
Trade closed: target reached
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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.