July'19 EW Correction Analysis (Could BTC Hit 7K?)

Left Chart

- BTC bigger Wave C correction yet to hit 1.618 of Wave 3 Upward Fold.
- Wave 1.618 of Wave 3 Upward Fold confluence with 0.618 Golden Retracement. Would be Perfection.

Inside Wave C: (Right Chart)

- We see 5 drives followed by a textbook ABC correction.
- Wave C of this ABC hit 1.618
- Confluence here with multiple bearish indicators 1H, 200MA Resistance, 4H Death Cross etc...
- Sentiment Contrarian Alert - !

New Downtrend may have just started.

For bulls sake, hope I'm wrong.

Share your thoughts. Like. Subscribe.

Kommentera:

Kommentera:

While High-Time-Frame indicators say buy, Chart Patterns, Moving Averages, Fibs & Volume say Sell. Volatility dead. Ranges too tight.

Probabilities too balanced at this point to either buy or sell. It's a coin-flip.

I think most whales consider that there is still significant upside (120%+) even buying on a 10,500 breakout. They may stay away from buying 9K and buy the breakout to 10,500 on the daily close instead (if it happens).

But if it DOESN'T, they are well primed to try LONGS at 8.5-8.7 range.

For this reason, while probability for Longs & Shorts here is a coin flip, I think R/R might discourage pros/whales from getting in right now. No willingness to enter Longs could send the price further down.

Let's see...

Trade stängt manuellt:

Closed trade at around 9K double bottom. Looking like that's all she wrote for this correction.

Be looking to open Longs above a 2 day 10DMA close.

Onwards!