BTS July update - More pain to come?
Updated
I have a hunch here that BTS might see some further losses while struggeling with multiple and compounding Gann resistances in the short term. I anticipate further correction to form a fat double bottom at the 38.2% fib level (around 8000-8004) drawn from its major pump, thus I still tend to favour the short side atm.
However, from this second go at the 38.2% fib level we should find support again and thus see a solid leg up, with some resistances along Gann lines, fib speed lines, and former support and resistance zones (blue dotted lines). Please note that the ghost feed - especially the trajectory of the anticipated leg up - is purely imaginative.
I have no position in BTS atm but consider to enter long as I find the fundamentals of BTS assuring in the medium to long term, even though it has copped a severe flogging lately. No advice, ensure due diligence. I record this analysis purely for posterity.
Happy trading everyone.
However, from this second go at the 38.2% fib level we should find support again and thus see a solid leg up, with some resistances along Gann lines, fib speed lines, and former support and resistance zones (blue dotted lines). Please note that the ghost feed - especially the trajectory of the anticipated leg up - is purely imaginative.
I have no position in BTS atm but consider to enter long as I find the fundamentals of BTS assuring in the medium to long term, even though it has copped a severe flogging lately. No advice, ensure due diligence. I record this analysis purely for posterity.
Happy trading everyone.
Trade active
Long entry order triggered at 8006. Let's hope that this doesn't go pear shaped beyond the 38.2 fib level.
Note
The majority of indicators I use here suggest we might have indeed bottomed out. Let's see how this develops. Good luck to everyone in the trade.
Trade active
We formed a nice morning star. Fingers crossed it delivers. Note
Common BTS, you can as well admit that you've run out of options, there's no shame in that... Trade closed: stop reached
I exited position at 7912 seeing the BTC correction coming in.
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