AW Bitcoin Analysis - Potential Low May Form End of Wave 1...
Updated
Taking a step back and looking at the pattern it may appear that this is only Wave 1 completing now.
The lack of thrust to the downside is already exhibiting signs that this is a small Wave v forming at the lows.
Although it doesn't appear to have bottomed yet, we could see a retest of 21,434.
Once we touch this area I would anticipate a reaction to the upside.
Another thing to note is the lack of thrust is accompanied by oversold RSI on the hourly as well as the 4 hour time frame.
As previously mentioned in another idea I would expect the overall pattern to start forming a head and shoulders pattern.
I will post a video update about this idea later on, so get ready to take profits when you see a completed 5-Waves down from when we entered the trade.
Remember to use Disciplined Money Management Principles to ensure longevity as a trader.
If you don't know the long term pattern shouldn't you be doing your research instead of just following the crowd?
Just remember: I am not a financial adviser; I suggest using this only as a guide. Always do your own research.
***AriasWave is not the same as Elliott Wave so your counts may differ to mine if you happen to use it.***
The lack of thrust to the downside is already exhibiting signs that this is a small Wave v forming at the lows.
Although it doesn't appear to have bottomed yet, we could see a retest of 21,434.
Once we touch this area I would anticipate a reaction to the upside.
Another thing to note is the lack of thrust is accompanied by oversold RSI on the hourly as well as the 4 hour time frame.
As previously mentioned in another idea I would expect the overall pattern to start forming a head and shoulders pattern.
I will post a video update about this idea later on, so get ready to take profits when you see a completed 5-Waves down from when we entered the trade.
Remember to use Disciplined Money Management Principles to ensure longevity as a trader.
If you don't know the long term pattern shouldn't you be doing your research instead of just following the crowd?
Just remember: I am not a financial adviser; I suggest using this only as a guide. Always do your own research.
***AriasWave is not the same as Elliott Wave so your counts may differ to mine if you happen to use it.***
Note
I think this may have already bottomed already.
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