Bitcoin Forecast Newsletter March 28th — Bi-weekly Preferred Count

 

• Explanation

What is Terminal Impulse?

Terminal pattern is a pattern that has another name, diagonal triangle. Terminal and Triangle have a tendency to move similarly to some extent as they have a similar name.

Contracting Diagonal: A contracting diagonal takes a wedge shape within two converging lines. This most common form for an ending diagonal

• Comment

Price Action of Bitcoin which has retraced over 80% of the prior bearish wave has convinced it is still on the bullish sentiment. The current bullish trend supported near-on 70K in the few days tells us the bullish momentum is still alive and there will be more than one bullish wave. The bullish wave that thrusted a couple of previous days seems to have a formation of Impulse wave. The first wave seems a regular impulse pattern but, considering the angle of the entire bullish wave now, the current wave is observed as Terminal Pattern which continues with 5–3–5–3–5 wave formation. the price line near-on the previous high is observed to be a strong resistance since the crap pattern of PRZ which is 1.902 Fibonacci extension line indicates the same price line. (The name Bat is mistakenly written on the chart above) So the 3rd wave of the potential terminal wave is expected to finish on the previous high price line. if all goes to plan, the current bullish wave will be concluded contracting diagonal pattern (which is terminal) or 1st wave-extended impulse pattern.

But, if the price breaks through yellow line (0–2 trend line), it may signal that the bullish momentum is going to end. Thus, it can be alarming to Longs not to be optimistic about their position

• Trading Strategy

if you have a long position now, it will be wise for you to consider closing some amount of your position near the previous high. But, if the bullish trend seems to have no further instant trend-following movement, opening a new long position on 70K this week seems quite risky