Bitcoin in short term : Expanding diagonal in C
And here it is the short term view of bitcoin which is very crucial to me. I want to give a highlight at the grey and the green region. I do believe that the grey region is becoming a very strong potential resistance for now. But, whenever you see a certain region which is very strong and gain the same bias between one and others retailers, you must anticipate the liquidation zone for the short squeeze. And the green region which located above the grey region is the liquidation zone, the most ideal zone to enter your short position when there is a huge liquidation for short.
For the oscillator indicator which is the MACD histogram, we haven't seen any sign of divergence as the reversal indication in this 4 hours time frame.
Now for the EW count, the potential C wave has formed a unique pattern which meets 2 criteria for the expanding diagonal :
1. The 4th wave has overlapped the area of the 1st wave.
2. The 5th wave could be over extended and has a potential to make the 3rd wave becomes the shortest wave which is also a failure.
As you can see, the expanding diagonal wave is usually classified as the ending wave of major trend (which we know it as an ABC pattern to complete the B wave in larger degree. Beside, the green region is moving align with the upper line as a resistance trend line.
For short term, I feel like we can see a push toward the green zone before melting down to the area of interest in longer term view.
For the oscillator indicator which is the MACD histogram, we haven't seen any sign of divergence as the reversal indication in this 4 hours time frame.
Now for the EW count, the potential C wave has formed a unique pattern which meets 2 criteria for the expanding diagonal :
1. The 4th wave has overlapped the area of the 1st wave.
2. The 5th wave could be over extended and has a potential to make the 3rd wave becomes the shortest wave which is also a failure.
As you can see, the expanding diagonal wave is usually classified as the ending wave of major trend (which we know it as an ABC pattern to complete the B wave in larger degree. Beside, the green region is moving align with the upper line as a resistance trend line.
For short term, I feel like we can see a push toward the green zone before melting down to the area of interest in longer term view.
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