powered through .382 and not able to get a meaningful bounce. acceleration in both price and spread currently looks like BTC USD wants to go down further before a retrace. Extension of the 1-1 ABCD to 1.618 would bring it down to .618 area. Price action here may give a clue as to $4K and below or back up towards 10K. If the higher low gets busted then probability is that downside target would be a lot lower the $4K area. If we get to 6400 in a few days rather than a few weeks that would also point to a deeper decline
Trade active:
Comment:
not much going on, seems to be working of the oversold condition with side ways chop. would look for a signal a little higher at 382 to add short
Trade active:
.382 of c-d leg 100 points higher
Trade active:
added at 382
Trade closed manually:
taken profits
long
reverse at 618 with signal
taken profits
long
reverse at 618 with signal
Trade active