BTCUSD - INTERMIDIATE SHORT IN THE MAKING WITH RISING WEDGE by DanV on TradingView.com
3 April 2015
We are still good in following our roadmap for longer term based on daily chart of BTC which I published nearly a month ago.
Since then as many of you already know, I have been sharing my shorter term updates charts in the chat.
It is possible that we might have already topped for what might be wave 4 shown in our roadmap chart which in Finex is 307 spike high. Since when we might have commence a next leg down with 5 wave decline. It is interesting that we have either declined in either 5 waves or a zigzag to 235 low.
Regardless since 235 anticipated a triangle formation has been breached by today's price action. Therefore, since the 235 low we now could have ABC zigzag retracement to the upside of which wave C, in the form of rising wedge could be in progress. If correct then we are in minor wave iv and wave v to follow. This could top around 257-260 zone.
Minimum downside target could still be around 210 where we have confluence of several fibs and potential AB=CD measured move target zone.
But this could become really nasty, if we have commence the new bearish cycle from 307 spike high.
Further price action will enable us to update our roadmap on daily time frame chart. In the meantime a short trade could be considered as detailed above in 257 - 260 zone in Finex.
Disclaimer: All of my work above could be completely wrong, so please use or disregard it at your discretion.
As, always please do your own analysis for your requirement. Select to follow me and the charts for notification of any updates. If you like the analysis show this by thumbs up and constructive comments or alternative ideas for all to learn from.
Thanks for taking the time to view my analysis.
DanV
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