BTCUSD: Bulls in danger
Updated
In the chart we can see what looks like a truncated fifth wave which would be completing a corrective structure.
The rgmov top seems to indicate the advance in BTCUSD is done, and the stronger momentum in the selloff makes we weary of holding long positions open.
If BTCUSD falls under the 217.5 mark before the 9th, then I'd suggest going short or taking profits from longs, since it's possible that we see an impulsive selloff that might take BTCUSD into fresh lows under 150.
If this is the case, then the top in gold, (which also formed a truncated fifth wave, which everyone tries to take as a 3rd wave peak) would be similar to the top in the Bitcoin bubble rally, making this correction potentially very lengthy, and violent. I have no way of estimating the next move, but if the impulse down is confirmed, or even a sharp correction, I'd get out and/or short it.
There's a valid time at mode uptrend in the weekly with plenty of time left, so, the confirmation for the EW suspicions would be crossing below the uptrend mode before completing the uptrend target. But that would be late if long or if holding BTC.
Good luck, I'll update the chart with my findings.
Cheers,
Ivan.
The rgmov top seems to indicate the advance in BTCUSD is done, and the stronger momentum in the selloff makes we weary of holding long positions open.
If BTCUSD falls under the 217.5 mark before the 9th, then I'd suggest going short or taking profits from longs, since it's possible that we see an impulsive selloff that might take BTCUSD into fresh lows under 150.
If this is the case, then the top in gold, (which also formed a truncated fifth wave, which everyone tries to take as a 3rd wave peak) would be similar to the top in the Bitcoin bubble rally, making this correction potentially very lengthy, and violent. I have no way of estimating the next move, but if the impulse down is confirmed, or even a sharp correction, I'd get out and/or short it.
There's a valid time at mode uptrend in the weekly with plenty of time left, so, the confirmation for the EW suspicions would be crossing below the uptrend mode before completing the uptrend target. But that would be late if long or if holding BTC.
Good luck, I'll update the chart with my findings.
Cheers,
Ivan.
Trade closed: target reached
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