Bitcoin (BTCUSD): Ready, Aim, Fire

Nov 22, 2017

In the previous idea we identified a bearish chart pattern that is called Ending diagonal triangle (Elliott Wave Theory). It required a move above 8270 to be completed, and so we suggested the target of 8440 (nearest fib cluster). The price did make a new high @8354 but couldn't go higher.

Currently, I suggest 8170 as an entry point to go short (conditional order). Main target is below 7500, while stops should be placed above 8440. This makes for a nice 2.4R trade.

Nov 23, 2017

Note

The idea has been updated, take notice:

Nov 24, 2017

Trade closed manually

Setting up a new deal.