As posted in the previous idea (linked below), I suggested that BTC may aim to retest the breakout level according to Wyckoff theory.
Taking the fib measurement from the peak at 5450 down to the bottom of the pin bar , we can see that the price has been rejected three times by the 0.382 retracement level at 5125. This leads me to believe that there will be a second and final leg down to test the top of the previous range before continuing upwards.
My Strategy:
Shorting here
Stop at 5140 just above the rejection level and encapsulating prior minor lows
TP1 @ 4600 - As as per Elliott wave with a typical 1:1 a-c ratio
Target: 4415-4470 - Showing great confluence: This is the 'Golden Pocket' between the 0.618 and 0.65 retracement of the up wave as well as falling on the top of the sign of strength peak from the range.
After retesting the range, I expect the price to continue upwards towards the 6k major resistance.
Happy trading!
Taking the fib measurement from the peak at 5450 down to the bottom of the pin bar , we can see that the price has been rejected three times by the 0.382 retracement level at 5125. This leads me to believe that there will be a second and final leg down to test the top of the previous range before continuing upwards.
My Strategy:
Shorting here
Stop at 5140 just above the rejection level and encapsulating prior minor lows
TP1 @ 4600 - As as per Elliott wave with a typical 1:1 a-c ratio
Target: 4415-4470 - Showing great confluence: This is the 'Golden Pocket' between the 0.618 and 0.65 retracement of the up wave as well as falling on the top of the sign of strength peak from the range.
After retesting the range, I expect the price to continue upwards towards the 6k major resistance.
Happy trading!
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Related previous idea:
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Been building my position since 5200, but decided to wait for some actionable TA to show up to present: