Short

BTC correction targets: Update May 15

Updated

Here are my two updated targets based on last week's price action.

I expect a bounce as I post this, THEN I will look for a short.

I will update this idea as things develop.

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That 8k test looks be coming

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This Idea is a follow up to previous plan, which seems to be playing out

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wow, better bounce that I expected, lets see if this still plays out, as it is still viable

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BTC looking pretty supported, but not out of the woods yet.
A break of the orange line should get some bulls back in the game.

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Approaching my first possible target around 8k

thinking it might breach 8k to take stops then bounce.

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Zone hit, tiny bounce, not impressed.

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Bounce looking pretty good so far.
Not ruling out next possible destination (yet)

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Nice impulse wave coming off the support

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Wow! but I think I would actually prefer the micro c wave to spike down to 8150, then rocket up.
s3.amazonaws.com/tradingview/snapshots/u/u3XVBSXZ.png

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overshooting 618's to hit 786's, strong imo (at least until next red tidal wave) :(
s3.amazonaws.com/tradingview/snapshots/t/T3uqUK4U.png

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all right whales, here is a plan you can execute quite nicely, for that massive school of krill
s3.amazonaws.com/tradingview/snapshots/d/dNiuSgjI.png

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Back to microscope, would love to see a double bottom ABOVE 8200, but I guess 8150 would be better in long term (wishful thinking?)

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Here comes that micro C wave, lets see if the support zones hold

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Maybe something like this:
Maybe something like this?

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Bulls hoping to see something like this

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8150 should hold, barring whales dumping.

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IF the correction is over, AND we will get an impulse wave up,
then this coming wave 3 up is going to need some volume to blast through resistance.
So I am thinking EU bears tonight will bring it down for sure.
Hoping 8k is not even approached, but holds fast if hit.

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on cue. good morning EU bears!
s3.amazonaws.com/tradingview/snapshots/5/55SM2aGH.png

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Microscope says holding for now, but not much volume to be confident

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wow, it is holding. 8200 is probably where the bears are camped

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A moment of truth here for BTC.
If bulls can break 8220 gdax and hold it, might mean the correction to this first impluse from ''bottom'' is done and time to look for that new impulse to surf

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Still in critical zone (short term).
Back to 8200

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Nice break spring from 8200.
getting more and more confident the bottom was found

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Nice 618 tap. This could be start of a micro wave 3.
If it goes fast and furious, then it is, duh :)

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If bulls break 8200, then 9200 could next stop.

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9200 looking quite plausible

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As anticipated, the 8350 zone exhausted the bull power for now.
But the bears are not pushing down very hard.
Evaluating further and will post update with new analysis of last move.

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8350 smashed, looking higher.
Still think 9200 is on the table.
Looking for a pullback to gauge Bear strength.

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A look at the BTC bounce zone in detail.
Each of the green boxes derived from Fib bands.
Notice the price 'knew' where these zones were.
Just like Lightning knows point of least resistance on ground before leaving the cloud.

EuroMotif

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