Bitcoin:looking for top b4 last leg down
The move down(pink) from 475 was so violent that it broke all supports: so I think the move back up(blue) from 370 is corrective and can never resume the move up from 275 without a test/break of 275 first.
Also, because the decline(green B) from 410 retraced more than 50% of the rise(green A) from 275, the whole move up(green) from 275 looks like a corrective rather than an impulsive up wave. So I'm labelling this A-B-C, and expecting a major move down to below that level(275) or lower(before MoonCruise heheh).
However, I don't see anything in the down moves thus far since the bottom at 370(pink) to suggest they're anything near a 1/i wave: indicating we're still correcting up. question is where to expect that top, and I reckon its too risky to put money on such a top call. I think its safer to wait for a major 1/i move down, and then accumulate shorts while that corrects(2/ii move up). Then sit out wave 5/v because the Moon-bound move up will be violent.
Anyway, I'm so bearish medium term that I'd only go bullish(and join the MoonShuttle) if the current rise goes beyond 480-500ish. Gradually building shorts at key points, will see what happens: this could get expensive :p
Also, because the decline(green B) from 410 retraced more than 50% of the rise(green A) from 275, the whole move up(green) from 275 looks like a corrective rather than an impulsive up wave. So I'm labelling this A-B-C, and expecting a major move down to below that level(275) or lower(before MoonCruise heheh).
However, I don't see anything in the down moves thus far since the bottom at 370(pink) to suggest they're anything near a 1/i wave: indicating we're still correcting up. question is where to expect that top, and I reckon its too risky to put money on such a top call. I think its safer to wait for a major 1/i move down, and then accumulate shorts while that corrects(2/ii move up). Then sit out wave 5/v because the Moon-bound move up will be violent.
Anyway, I'm so bearish medium term that I'd only go bullish(and join the MoonShuttle) if the current rise goes beyond 480-500ish. Gradually building shorts at key points, will see what happens: this could get expensive :p
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