Updated

Bitcoin - Observe the structure and waves, then trade.

We got a ABC leg down with a pretty big bounce, rule of thumb is that the BC leg will retrace somewhere between 38.2-61.8%.

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Played out pretty nicely and hit the 38.2-61.8% area.

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BTC is outside the downtrend channel atm. 61.8% currently at 8940 USD

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Wave wise we are looking at a reveresal now to bullish side in 7850-8000, we can see the ABC turned into a 1-5 downwave and we price will likely want to retest 8400-8800.

Trade active

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Important point to also take notice of is (i) on leftside of uptrend, if downtrend would continue then (i) would be a point for a symmetrical right shoulder, which is at 8465.

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1H turned bull, daily stoch rsi still good amount of room to come up.

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First objective of 8400 hit, above we can see 8600-8800.

Trade active

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Wave count and possible Inverse H&S getting painted. Ideally we would retest IV, or break above for bulls to return. For now this looks like ideal place to short, and should retrace to atleast 8400 then, or continue downtrend.

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Previous wedge fail, wave extension is now around here.

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