BTC Possible Next Move... Wave 4 Within New Trend Channel.
Updated
Made good profit on wave three. The support should hold and allow for a wave four within the new trend channel before an extended fifth wave (wave three was 100% of wave one so five must extend and break out of the channel).
IF this is in fact ABC correction then wave four will be wave one and extend further up however with the 200 EMA on the daily below the target area it is very unlikely although I was expecting us to touch it on this retrace.
The support we are at isn't as strong as the one below and there is the chance that wave three could still extend but with a channel forming it should be terminated here.
Remember to manage your risk and place the stop losses below support if you are going long here.
IF this is in fact ABC correction then wave four will be wave one and extend further up however with the 200 EMA on the daily below the target area it is very unlikely although I was expecting us to touch it on this retrace.
The support we are at isn't as strong as the one below and there is the chance that wave three could still extend but with a channel forming it should be terminated here.
Remember to manage your risk and place the stop losses below support if you are going long here.
Note
The channel has been invalidated and we may be headed down to the next support area.Note
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