BITCOIN (BTCUSD) – Primary ABC Correction in play
BITCOIN‘s Daily Wave Count suggests that the Crytocurrency is trading within a Primary ABC (red) Correction which is expected to finalize quite soon.
The Primary ABC Correction (red) is showing a potential Head & Shoulders Formation and a Bearish Divergence which is indication that BITCOIN could have more room on the down-side before the Up-Trend would continue.
BITCOIN (BTCUSD) – Daily Chart (picture):
BITCOIN (BTCUSD) – Daily Interactive Chart:
Forecast:
- Short-Term: Bullish
- Medium-Term: Bearish
- Long-Term: Bullish
Levels in Focus:
- 4500
- 3200 / 2600
- 6200
BITCOIN (BTCUSD) – Positions:
- Short Term – BUY
Entry Level – 3750.00
SL – 3000.00
TP – 4500.00 - Medium-Term – SELL
Entry Level – 4500.00
SL – 5000.00
TP – 2600.00 - Long-Term – BUY
Entry Level – 3200.00
SL – 2400.00
TP – 6000.00
Safety Measures:
- When in the green, moving SL to break-even or in profit.
- If Conservative, waiting for the Head & Shoulders confirmation along with the Bearish Divergence.
Comments ( 2 )
admin
(September 18, 2017)Wave Count Update:
admin
(November 3, 2017)Positions Update:
Short Term – BUY Position – Target Reached!
Medium-Term – SELL Position – SL hit, loss taken.
Long Term – BUY Position – Target Reached!
Wave Count Update: