after a very skillful shake out, i gotta give market maker props for that move.
i think the move to the upside last night was the ending of an impulse which started on august 26th (from the 0.618)
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this overnight move down was wave (a), we're currently working on wave (b), followed by wave (c) down to about 47,074
from there i do believe we begin another wave 3 impulse (of wave 5) to about 52.5k, which is also in confluence with the channel btc has been forming over the last few days.
ps. i wouldn't be surprised if btc tested the bottom of the channel we're in - but i have reason to believe it won't. reason being: the lows from august 26th were perfectly in confluence with the local golden zone. whatever positions were accumulated down there by market maker, have not been sold yet - so a revisit back into that area should not take place from my perspective.
i think the move to the upside last night was the ending of an impulse which started on august 26th (from the 0.618)
----
this overnight move down was wave (a), we're currently working on wave (b), followed by wave (c) down to about 47,074
from there i do believe we begin another wave 3 impulse (of wave 5) to about 52.5k, which is also in confluence with the channel btc has been forming over the last few days.
ps. i wouldn't be surprised if btc tested the bottom of the channel we're in - but i have reason to believe it won't. reason being: the lows from august 26th were perfectly in confluence with the local golden zone. whatever positions were accumulated down there by market maker, have not been sold yet - so a revisit back into that area should not take place from my perspective.
Note
we've rejected the measured move for wave c of wave (b) at the 123.60% algo target, indicating that further downside is ahead if btc can't break above this important corrective level.i've circled the potential downside target in my purple circle \ expect it if it comes
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i only share a tiny fragment of my ideas on this platform. to view my daily work, join the lunar syndicate 9 👇
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.