As a followup to my bearish case for BTCUSD, here are my arguments for the bull. We've seen impulsive action off our recent higher low indicating that $5900 was our bottom of wave 4. If we assume that is true, here are my targets for short-term longs. There is also an argument to be made for bullish divergence on RSI and MACD shown here. I am watching for possible long entries around $8375 and $7750 with support/stops below $7500.
I am not entirely convinced yet, but a strong move above
12K would have me leaning towards this setup.
*This is not trading advice*
I am not entirely convinced yet, but a strong move above
12K would have me leaning towards this setup.*This is not trading advice*
Note
Note
For anyone curious about my nano count for the above ABC see here: This is my sub-wave count for wave c of (b). If we make a new high, it is invalid. We look to be breaking out of a nano leading diagonal (falling wedge) down and will look to retrace up between 38.2%-76.4%.
Note
Zoomed in look at the previous update: Note
Clean touch of 1.382 fib extension for a ABC correction. Needs to hold if we are looking higher. If not then I am looking down for C of an expanded flat. Note
I meant the 1.236 fib. And here is a clean touch on my index chart 
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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.