XBT USD corrective pattern
Updated
XBT USD is following an WXY corrective pattern. Recent upside to the area of $12400 does not seem to be the top of the X wave, it is
still possible for the X wave to reach $13200 mark.
A confident break upwards of $13200 will invalidate the current wave structure.
IF the top of the X wave is in, I would be expecting downside price action to the area of $8500 - $7500 which should conclude towards the end of September, with my long bids waiting there.
Good luck!
still possible for the X wave to reach $13200 mark.
A confident break upwards of $13200 will invalidate the current wave structure.
IF the top of the X wave is in, I would be expecting downside price action to the area of $8500 - $7500 which should conclude towards the end of September, with my long bids waiting there.
Good luck!
Note
It seems that bitcoin is inclined to choose the corrective pattern.I have my long bids positioned at $10800 and $9600 areas.
As stated earlier, a confident break above $11800 will invalidate the current structure
Good luck!
Trade active
Note
Longs from $10800 got stopped out.This might advance lower, however it seems that the fourth wave (corrective wave) up is due.
Based on the alternation principle this should go sideways (range) for some time before a possible, final, fifth leg down.
I will reassess the market in couple days.
Good luck!
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