BTC has made an interesting move lately where it broke all kind of supports in low TFs (3H or less). This is an indication that something is happening and also an indication about how easy BTC or crypto in general can kick out stop losses and margin traders.
What I want to clarify in this count is the volume:
In EWT counts, you should have a BIG volume rise in 3rd waves. Here what a lot of traders called the 3rd of (5)th, has no increase in volume, quite the contrary.
It´s true that 5th waves show lower volume than 3rd waves but you should be able to see it in lower TFs.
So low volume appears mostly during small trend pauses, here you can see the first leg down had a huge volume with a peak not far away of the 3rd of (3)rd peak. That´s an indication of a new trend shift. Then you had a pause with low volume that traps a lot of investors (also called the B wave), and now we should get a lot of rising volume with a C wave down.
I espect the PA to land into the area forming a 5 waves down.
Good luck with your trading, hope you liked this idea :)
What I want to clarify in this count is the volume:
In EWT counts, you should have a BIG volume rise in 3rd waves. Here what a lot of traders called the 3rd of (5)th, has no increase in volume, quite the contrary.
It´s true that 5th waves show lower volume than 3rd waves but you should be able to see it in lower TFs.
So low volume appears mostly during small trend pauses, here you can see the first leg down had a huge volume with a peak not far away of the 3rd of (3)rd peak. That´s an indication of a new trend shift. Then you had a pause with low volume that traps a lot of investors (also called the B wave), and now we should get a lot of rising volume with a C wave down.
I espect the PA to land into the area forming a 5 waves down.
Good luck with your trading, hope you liked this idea :)