Short

Bitcoin - Before the Bottom

Updated

Chase the C leg of ongoing pullback. Its almost always a 5 wave count.

Exit at wave (4) : 11100...11750
Target for wave (5) : 8700

P.S. : Beware that rest of the exchange charts are a little lower than Kraken.

Note

Wave (4) completed as expected. Sleep in fiat.
Wave (5) will be studied again as wave (3) is over-swinged.

Note

Several unsuccessful attempts to break C leg. Its safe as long as H4 closes below 11832 (0.5 fib). Swing trade options start above that.

Note

Stall on pivot line. As leg (4) swinged higher to (0.382 fib) upcoming leg can be lower than mentioned above.

Note

Bulls are tired and unreliable. Risk/Reward is to high.

Note

TP @ 11650 --- Profit +1%

Too many resistances to tackle with, recent lower leg is damaged but still bearish.

Note

Bears won for this leg.

JanusQ

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.