BTC simple analysis: Volume correction

May 31

Elliot Wave on recent bearish trend finished. High volume candles where left behind. Waiting for volume correction.

• Chart bounced on 300% E.W. fibo. . Fibo is between 2 and 4 peaks of E.W.
  
• Expecting to reach at least, cloose to the top of closest H volume candle.
  

May 31

Trade active

The chart of Bitfinex shows a gap that needs to be fulfilled. Chart may go up, but since is weekend, will it stay bullish? There's a chance that will just touch with shadows and then do a bearish trend. I recommend to stay sharp and prepare to sell when gap is touched.



SL on profit, always do it.

Trade wise 👍.

Jun 2

Trade active

This pattern has happen before where chart keeps it one direction and makes a big candle toward the same direction.

Bitcoin is weak now, probably because is weekend. A lot of wave divergence is happening. Following that bitcoin had the lead over dollar at the start of the week, this seems to be part of the pair balance. Maybe monday will tell.

Jun 3

Trade closed: target reached

Prediction successful. Chart actually bounced just in the gap line, went bearish, and then, go bullish and almost reach volume correction.

I still think it can go higher. E.W. has been settled and 300% fibo. is right in the purple line. Still, since big divergence has happen, a great bearish movement is bound to happen.

Bitcoin is weak, same as previous week. Not only that, dollar is weak, but bitcoin is weaker. This shows that Bitcoin will take the lead over dollar in this market. We can expect same scenarios of previous monday.
Since it's like this: dollar should take lead on wednesday or thursday.

Keeping all this in mind, I'll stay out for a while to see what happens. If chart reaches complete volume correction, we can sell directly toward half or lower of bullish trend with a SL at 400% - 461% of fibo..