Hello traders,
I'm seeing a lot of bullish charts on BTC while infact BTC has just been correcting for another big dump.
Bitcoin broke down from the C wave ending diagonal to low 6k ranges was the just the first impulse in 3 wave move down.
Currently BTC completed a 3 wave - ABC correction to make the X wave. Implying that we should get another move down.
This presents with a good shorting opportunity down to low 5k ranges.
I'm seeing a lot of bullish charts on BTC while infact BTC has just been correcting for another big dump.
Bitcoin broke down from the C wave ending diagonal to low 6k ranges was the just the first impulse in 3 wave move down.
Currently BTC completed a 3 wave - ABC correction to make the X wave. Implying that we should get another move down.
This presents with a good shorting opportunity down to low 5k ranges.
Note
Two possible scenarios. Either BTC starts breaking down from here or we do more complex correction similar to what I have drawn in red and then breakdown.Breakdown is inevitable at this point.
Note
BTC broke down as expected. Small bounce from here and then continuation of the downtrend. Note
Got an extension the C wave. It still is a correction to upside meaning the impulsive move will be down without any doubt. Note
The first leg down is complete and this whole correction is an expanded flat of larger degree. One more wave down to go before we see a short term reversal on bitcoin. It should take another 4-5days before we see the actual reversal.
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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.