Like2Move
Short

...and what if the 5th wave is over in 6200 area?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Look to the previous wave patterns - they suggested the following scenario, whatever it may be.
Recent correction is too deep and I expect new lows (after bounce, of course) - targeting 5500.

Idea invalidates above 6100.
Comment: Bulls and bears fight. New lows ahead?
Comment: Nice. Target in 5550 area reached. And opportunity to short again at 5700 and 5800, targeting to 5360.
Comment: Very strong support at 5550. Break up to 3710 opens way to 3800. Break up 3810 mean new highs ahead.
Comment: I'm sorry, I made a mistake in the update above: 5710, 5800 and 5810 respectively.
Comment: Target 5360 reached. Likely, it's not the end of fall - strong support is waiting in 5100 area.
Comment: Strong rebound up to 5950 area, but it may become into a leg B:
Comment: Drop below 5750 - new lows expected. Break up to 6050 - new highs.
Comment: Move up will continue, if price breaks up 5800. But not high — trend is turning to downside.

Related Ideas

Comments

your TA is excellent, I am always coming back for more.
+1 Reply
@cycler, Thanks, mate.
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it dropped below 5750, also did you see fake 1000BTC market buys last night on finex? and spoofing. Someone tries to make everyone think that we're still in the bull run
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Like2Move alexplq
@alexplq, but I'm bearish. I don't think like you. They bought at bearish bounce, may be they sold higher. Like all traders do. „Someone tries...” — yes, all the time, even when you don't think about it.
What are you doing in the cryptocurrencies markets? The same things? :)
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alexplq Like2Move
@Like2Move, yes, but the problem is that unregulated exchanges (mostly bitfinex) play with others.
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alexplq Like2Move
@Like2Move, I don't think that normal traders will market-buy 1000BTC at 6000. Only those who don't pay fees. They buy their own orders and lose nothin as a result. Just make people think wrong about the real volume and trends.
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Like2Move alexplq
@alexplq, I take a careful look at the orders book, especially when there are few BTCs left out by a few people. It's stupid to rely on miracles that dissipate very quickly. Therefore, I am referring to the technical analysis and regularities that are also managing people with 1000 BTC. :)
+1 Reply
hi, same thought. expecting abc correction. waiting for long opportunity at $5100 - $5150 area. thanks for your timely update. have a nice day...
Reply
Like2Move rajsekharalla
@rajsekharalla, ...or long after break up to 6050 and some retrace.
+1 Reply
Update please ! Going down or up ?
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