Trend reversal began @ around 16:00, now is in a consolidation pattern in a larger bearish elliot wave pattern with a possible brief retracement of .5-1x ATR (~.0012). My hope is to sell at close to the peak of the 5th point on the elliot wave in this bearish trend (as I don't know what will come after, could be either continuation, consolidation, or reversal - but not enough information yet to predict). To mark the potential 5th point, I use the resistance confirmed by prior highs and by a fib retracement (which confirms that this is a strong resistance level, and a good place to exit on your positions within the next few days even if the pattern does not end up following the elliot waves, but still continues with greater bearish trend of crypto right now).
Commentaire:
typo in last sentence - meant to say *greater bullish trend of crypto right now
Commentaire:
Woo target hit right before trend reversal! :)