Rules You should not be commenting unless posting a chart that supports your claims. Charts must expand out into the future not just labelling the past. If we do not continue onto a double correction on the daily chart, then I see this playing out something like this. Looking at the weekly, it seems like we have more down to go so I'm leaning towards the double correction.
Sorry no chart. Just a little clarification please. At what point do you determine if we are in a double correction?
I'm waiting to see the retrace on (4)...if it breaks .382 then double correction. To visualize it, right around (3) would be X on the weekly and ((1)), ((2)), (3) would become a 3-3-5 wxy on the daily. Super Guppy looking like plenty of downside left...MACD showing opposite atleast for the short term which would align with the short term move up to (3)
I would imagine anything rate cut related was baked into price months ago before the last fed meeting.
BEFORE: AFTER: Look at this move right on the 4 as projected. Should we ask @Baron to just close the other bitcoin price thread? I mean is there really any point to it?
I chart on the 4hr usually. Here is the 30 min chart so you can see the subwaves between the 4-->5. So how does this apply to a trade? Well I would be waiting for 5 if I was holding long calls...and I am in BITO with 150 19 SEP20. You punters would have taken profits already! If I take 1K in profits early, and leave 5k on the table, then I have literally lost 4k on the trade.
Now if it breaks the .50 level then I would start watching it for a possible invalidation...rule of thumb is it can go as low as the top of the 1st wave on a 4th retrace and remain valid.