Bitcoin // Revised outlook
Aggiornato
Hello,
My last analysis for this week #31 was nulled after Bitcoin bounced from $9110. I called for a further dip too soon, and had to go back to my possible double bottom analysis. Price action is above all else, and changed my trades accordingly. After all, we must adapt to any situation.
Looking at the 4hr chart we can see that the current tip of wave 5 has nearly reached the 1.618 fib level when measuring from wave 1 to wave 3. I took profit at wave 5 and I am currently plotting a new entry point. Because the market is strong and the previous correction wave c on July 28th stayed relatively close to wave a; I am expecting a short term correction near wave 3 support, bottom of the channel or near the 38% retracement. Below that, a dip near the 50% and 61% level is possible.
The shorter timeframes - 1hr and 4hr are printing oversold. I am looking at a small correction from $10130 to $10185. Below that $9920. However, it is possible to continue pumping. As always, be ready for anything.
- B
My last analysis for this week #31 was nulled after Bitcoin bounced from $9110. I called for a further dip too soon, and had to go back to my possible double bottom analysis. Price action is above all else, and changed my trades accordingly. After all, we must adapt to any situation.
Looking at the 4hr chart we can see that the current tip of wave 5 has nearly reached the 1.618 fib level when measuring from wave 1 to wave 3. I took profit at wave 5 and I am currently plotting a new entry point. Because the market is strong and the previous correction wave c on July 28th stayed relatively close to wave a; I am expecting a short term correction near wave 3 support, bottom of the channel or near the 38% retracement. Below that, a dip near the 50% and 61% level is possible.
The shorter timeframes - 1hr and 4hr are printing oversold. I am looking at a small correction from $10130 to $10185. Below that $9920. However, it is possible to continue pumping. As always, be ready for anything.
- B
Nota
^ 1hr and 4hr are printing overbought*Nota
My view is still in play even though we pumped a little overnight. I made a few adjustments to the channel lines. Wave 5 has extended a bit over the original line. If we break above the new line, new adjustments will have to be made and a new entry must also be made. 
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