The re-entry price was reached, and an entry confirmation was created on a lower timeframe, which was a double top with a neckline at 114,400.
Right now, price is pulling back to retest that neckline, which will be our new entry price... but looking at the bigger picture, it doesn’t seem like a great idea to enter a Bitcoin short, since we have both bullish and bearish factors to consider:
Pros:
+Completed Elliott Wave count (5 waves + sub-waves finished)
+Strong weekly and daily divergences
+Daily double top (neckline at 112,000)
+Stops hunted at 118,000
+Possible bearish candle formation on the weekly timeframe (if this week closes below 113,500)
+BTC has gone over half a year without correcting more than 20%
Cons:
– Inverse H&S projection still not reached (neckline at 109,300 projecting up to 144,000)
– Possible inverse H&S forming, neckline at 117,220
– Fundamentals like pending alt-season and rate cuts this year pending.
– Overall bullish trend
In my opinion, the bearish case has more weight right now, but the probabilities are still not strong enough to risk too much capital on this trade, but the probabilities are more than 70%, so ill be in.
Prayer to God:
Teach me to feel that You are the power behind all wealth and the true value of all things. By finding You first, I will find everything else in You. <Paramahansa Yogananda>
Right now, price is pulling back to retest that neckline, which will be our new entry price... but looking at the bigger picture, it doesn’t seem like a great idea to enter a Bitcoin short, since we have both bullish and bearish factors to consider:
Pros:
+Completed Elliott Wave count (5 waves + sub-waves finished)
+Strong weekly and daily divergences
+Daily double top (neckline at 112,000)
+Stops hunted at 118,000
+Possible bearish candle formation on the weekly timeframe (if this week closes below 113,500)
+BTC has gone over half a year without correcting more than 20%
Cons:
– Inverse H&S projection still not reached (neckline at 109,300 projecting up to 144,000)
– Possible inverse H&S forming, neckline at 117,220
– Fundamentals like pending alt-season and rate cuts this year pending.
– Overall bullish trend
In my opinion, the bearish case has more weight right now, but the probabilities are still not strong enough to risk too much capital on this trade, but the probabilities are more than 70%, so ill be in.
Prayer to God:
Teach me to feel that You are the power behind all wealth and the true value of all things. By finding You first, I will find everything else in You. <Paramahansa Yogananda>
Trade active
Price has going down as said, anyways we are going to made a re entry because of the following reasons:
+retracement 328 fib
+ma200 4h
+End of B wave so wave C fit to go to 100k and 90k
+retest Double Top neckline
+USDT.D in corcondance with btc going down now
If price closes above 328 fib (112.250) close trade, or above ma2004h which is almost the same.
Note
Prayer to God:Teach me to feel that You are the power behind all wealth and the true value of all things. By finding You first, I will find everything else in You. <Paramahansa Yogananda>
Free Telegram channel:
t.me/cinnamon_club
#1 Trader at PrimeXBT.com (cinnamon)
t.me/cinnamon_club
#1 Trader at PrimeXBT.com (cinnamon)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Free Telegram channel:
t.me/cinnamon_club
#1 Trader at PrimeXBT.com (cinnamon)
t.me/cinnamon_club
#1 Trader at PrimeXBT.com (cinnamon)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.