In my previous analysis we were looking for a momentum shift to open a short. This did not happen and Bitcoin managed to climb even higher. However, now I took pretty confidently a short as volume and momentum of wave 5 is much lower. ROC (Rate of Change) is giving a good impression of the relative acceleration or in this case since wave 3 completed, a slowdown.
Even if BTC manages to creep higher, I don't see it going higher as 17k for now. Therefore, SL at 17.2k.
Correction Wave Targets:
A = 15,500
B = 16,000
C = 14,100
SL = 17,200
Good luck with your trades. Please don't take it as trading advice.
Even if BTC manages to creep higher, I don't see it going higher as 17k for now. Therefore, SL at 17.2k.
Correction Wave Targets:
A = 15,500
B = 16,000
C = 14,100
SL = 17,200
Good luck with your trades. Please don't take it as trading advice.
Note
Depending on how strong Bitcoin bounces at 16k, I am considering to close the short. It might be wise to wait and see how the market reacts to the access to crypto for Paypal users. This could lead to more upside momentum.
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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.
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.