BTC Bullflag play within Impulse EW breaking major resistance
Zaktualizowano
There is a possibility this is a bullflag playing out here within the Impulse EW that broke the previous Wedge.
If this is wave 2 and we break out of this flag into a wave 3 you can play the wave 3 up until 4 or rather take some profits and wait for the classic fib extension goal slightly below 1.6 (wave 5 endpoint).
HOWEVER. I suggest using this to monitor a potential breakthrough through major downtrend resistance line from ATH December. This would needed to be confirmed by a convincing retrace wave 4 bouncing off the previous resistance making it a support. Id suggest using a higher timeframe then this, deffo 1 hour, or maybe even better 4 hour! If it bounces off and goes into wave 5 a safer entry would be past (4), since it then confirms its an Impulse Wave and it indeed is looking to break the downward resistance line convincingly!
This would coincide with Kumo breakouts of Itchimoku Clouds on 4 hour timeframe as well as lower timeframes.
The RSI on 4 hour / higher timeframes has quite some room for this to play out...
If this is wave 2 and we break out of this flag into a wave 3 you can play the wave 3 up until 4 or rather take some profits and wait for the classic fib extension goal slightly below 1.6 (wave 5 endpoint).
HOWEVER. I suggest using this to monitor a potential breakthrough through major downtrend resistance line from ATH December. This would needed to be confirmed by a convincing retrace wave 4 bouncing off the previous resistance making it a support. Id suggest using a higher timeframe then this, deffo 1 hour, or maybe even better 4 hour! If it bounces off and goes into wave 5 a safer entry would be past (4), since it then confirms its an Impulse Wave and it indeed is looking to break the downward resistance line convincingly!
This would coincide with Kumo breakouts of Itchimoku Clouds on 4 hour timeframe as well as lower timeframes.
The RSI on 4 hour / higher timeframes has quite some room for this to play out...
Komentarz
If this was wave 3 it seems it is unlikely that wave 5 will break resistance as wave 5 should not be bigger than wave 3 in this case. We will see, but it looks unlikely to play out the way it is projected here since wave 3 was not impulsive enough!
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