Short

Have a merry, bloody bitcoin christmas ;)

Updated

Setup for a 40% drop again, second leg of the measured move, with cheap coin buy zone at 9K. If this recent selloff to 11K was really the "bottom", we should have sprung back up forcefully to retrace -- but we never got above the 50% level, which is rather bearish given all the recent enthusiasm. Also failed to break above the orange ceiling trendline at a crucial point, and then there's that juicy 4H doji indicating reversal. Smaller timeframes show rising wedge breakdowns already.

Had a nice buy zone at 13K, with the intent to ride the first rebound all the way to 17-18K to sell. But bulls ran out of steam...

Enjoy your cheap christmas coins! Should rebound quite explosively after kissing that buy zone...

Trade active

contrary forecast: this leg lands on 13K and then takes off to finally bust the orange ceiling and take us to the 18K zone so folks can unload all the coin they wish they had done earlier :P (and THEN we have another slippery slide down to 9K)

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currently riding a small long up from 12,800, with the expectation to sell again when we hit the trendline ceiling -- unless momentum breaches and invalidates. in which case, I'll be happy to ride the rally up to dumping zone @18k -- wash, rinse, repeat

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multiple attempts to breakout denied on low volume, so we're still slipping (just not as rapidly as my original sketch)

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ran out of room to range, will soon drop completely out of rising correction channels
s3.amazonaws.com/tradingview/snapshots/z/zYVXGFc9_thumb.png

4H dojis on parade, breakouts keep failing, bags getting heavy...

Note

Sorry, posted the thumbnail link :P here's a clear one

Note

1H view

Trade closed: stop reached

breakout invalidates, obviously ;) at least everyone gets to unload back up at 18K...

ronfkingswanson

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