Simple EW count up (hits fib ratios beautifully on the way up - not shown, and meets all rules & requirements to be valid).
ABC correction could be over since we bounced off of EMA200 (Orange) & .786, but this recent rally makes me very nervous because:
1. Forming a rising wedge on the 1D chart
2. About to run into EMA55, which will not act as resistance
3. Longs on Bitfinex are still very low - sentiment is still poor.
4. RSI running into resistance trend line
5. I think a double bottom would solidify positive market sentiment.
I will ladder most of my buys in the green box shown - 700USD down to 500, with a bias for the 600s.
ABC correction could be over since we bounced off of EMA200 (Orange) & .786, but this recent rally makes me very nervous because:
1. Forming a rising wedge on the 1D chart
2. About to run into EMA55, which will not act as resistance
3. Longs on Bitfinex are still very low - sentiment is still poor.
4. RSI running into resistance trend line
5. I think a double bottom would solidify positive market sentiment.
I will ladder most of my buys in the green box shown - 700USD down to 500, with a bias for the 600s.
#2: WILL act as resistance :)