Bitcoin just completed a extended 3rd wave and hence poised for some correction.
A-wave is in play , we will wait till B-wave is done and SHORT Bitcoin for the C-Wave. As seeing the volatile nature waiting for confirmation is a better way.
As the current top is very mechanical and magical (16666.66) retest is very much possible.
Correction can take it to test the ...
-As we can see a pin bar or inverted hammer pattern that denotes exhausted bulls.
-Target will be fib retracement levels
-And this could be the new impulse wave-1 to the upside, which I'll later on confirm.
It would be very adventurous to predict such a move for one of the biggest banks, but it feels very convincing
analysis, I just want you guys to keep this analysis in mind while making any bets, rest make your decisions on your points and analysis.
The idea here is the completion of the FLAT ABC pattern.
I know the chart is messy but I feel the message is ...
:- Neutral stance as of now, as the move currently not confirm as the c wave is not confirm as it can go more south until 161% retracement.
:- but if it breaks to the upside it may form a new leg of the move.
:- risky trade( short when close below 100MA book profit at 161.80%) (long when break the trend line to the upside)
:- and yes it is also holding middle ...
The price significantly came down and has lost some of its momentum..which lead to formation of flag.
the flag is bearish is nature and hence market shall continue the fall.
short at the break to the downside.
At the break downside stop loss will be at 8600.