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BTC (Prj.Y19.P5.E7).Quicker Observation.V2.

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Its hit one of the fib. levels in the channel I have derived back from the descending triangle from the 14K formation (refer to previous posts).
Approx. 7400. I would expect another retest at around here before stabling and moving up for another round of sideways movements.

One can observe the blue vertical height of the descending triangle equates to the height of the drop as well.

Overall view. Note the support equates to the May-June support area as well.

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Another piece (total 4) having confluence that 7400 was the bottom of this drop.

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As with my previous posts, my long entry is below 7K, more specifically I have 6444 to 6830. (75% going in).
Note 7400 is not a major support area so I don't expect it to be holding and hence I'm looking for any short opportunities (looking for bullish div.in the hrly)

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What I'm looking for to go long, even though I placed targets.
RSI on the 3 Daily

Until then, I will trade with a smaller porfolio ($$) and short

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Even though there is a bullish divergence on the 1 hrly and a bullish wedge, I feel it will drop to the next fib level of 7230 on my chart. I think here will be a better bounce than we had at the 7400 range (wick hit 7300 and went up to 7500, difficult to get if your not watching. I played it safe and exited with $50 gain per coin. Not worth the risk.

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15 minute chart

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Sold 1/2 at the 0.618 retracement ($7496) and thinking about selling the other 1/2 now or wait for it for point C. I might just put a stop limit in to be safe. I'm going to bed.

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Ahh. forgot to mention, the above wave is based on Elliott Wave - Expanded 8 wave bearish cycle. I just know some basics and when I was going over them, I noticed the pattern matching BTC on the 15 min. Hence I went with it. Need to know my Elliott wave much better, need to spend more time on them so it prevents me making mistakes or makes me aware of the potential move. Cheers.

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2 cycles completed. What is next?

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I saw this pattern, can't recall who posted it, but this is also likely. First target I have is 7680

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If I was to make a guess...using this fractural

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Who was to expect such a big move in a short time.
I'm still a student of the game, trying to rack up many hours for experience.
This move, I don't think anyone could have imagined such a move.
Volatility is now back and opportunity as well. But be careful because there could be daily moves but it doesn't mean trend has changed.

ssari

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