Yesterday I told you about Bitcoins 2.88% dilemma - And that indecisiveness from Bitcoin 2.88% is indeed what we have been witnessing the last couple of days. He has a had a really hard time finding out, what he want's to do!
But now, ladies and gentleman, Bitcoin 2.88% will be forced to make a decision very soon. To explain why, we we will now take a look, at the 4h BTCUSD 2.88% Chart. As you can see, we have been going sideways for more than 48 hours. And once again, it is understandable. We have huge resistance at 9,000 USD and 9,200 USD (red lines).
We have already tried 3 times to go through that zone of confluence resistance, but 3 times have the bears rejected the bulls.
Its pretty obvious what the bulls want. They really want to make that 5th wave extension to around 9,4xx USD, which is equal to a 423,6 % (!!) extension of Wave 1. Yes, the bulls seem greedy - already now they have an almost 361,8 % extension, but the bulls obviously want more.
Let's see, if they get what they want. I will here give you the 2 scenarios:
- The bulls have to make a decision soon. As you can see we are in ascending wedge in purple. I would say that they probably have 8-10 hours before we will reach the wall, and then they have to do something. The ascending wedge is bearish pattern , which normally predicts we will go down. Even though the RSI is almost overbought, we have seen, that the bulls are not afraid of that.
I want you take notice of my brown circles. As you can see, we have 2 times before just in time got that needed pump from the bulls, so it might very well happen again. It could be one more bear trap, and we would reach our Extension target.
- Under normal circumstances, we would go down from here. We have finished our 1-5 EW-structure with huge extensions on the 3rd and 5th wave, and the RSI is high and MACD shows signs of the bulls are losing momentum. And then the super strong resistance right above our head. The next target would therefore be around 8,5xx-8,400 USD, which probably would be the end of Wave A.
So now what? This is still super hard I would say. We still don't have a clear confirmed direction, so if you are not an experienced day trader, I wouldn't enter a position yet. And again: Please don't make leverage trading in this market - the whales are liquidating the smaller fish again and again.
Yea, so to those of you who are saying, yea, it can obviously go up or down, how hard can it be hard to predict. Just remember, most of the times, we will not enter a position. We just want the ideas in our head, and first when we get the needed confirmation, we can enter a position.
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