In my previous post, I had discussed an alternate scenario and that it would be a good time to close shorts and be looking for longs if btc doesn't break the low soon. We got a nice pump after that due to Tether fud.
The structure is different on the USDT and USD exchanges. Will be adding my thoughts on USDT chart later in an update on this post.
I'm using the Bitstamp chart since there is big difference in usd and usdt rates right now.
We have completed flat structure for the X and made first impulsive leg. Wait for the correction of this drop from the high for confirmation for short trades.
The structure is different on the USDT and USD exchanges. Will be adding my thoughts on USDT chart later in an update on this post.
I'm using the Bitstamp chart since there is big difference in usd and usdt rates right now.
We have completed flat structure for the X and made first impulsive leg. Wait for the correction of this drop from the high for confirmation for short trades.
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BTC chart for USDT exchanges -The structure is also flat but of larger degree. Nonetheless I expect both to hit around the same levels in the future
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15M chart - Looking out for some kind of corrective structure here after this impulsive move down for short trades.
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Forming a flat type structure. I would expect this to get to around 6500 before we see continuation for more downside. Note
Still not making an impulsive move down. I suspect we are still in correction and possibly get WXYXZ triple wave combo. Looking for shorts at 6460-6500
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Expect one more push up. Note
Not much update. Still moving sideways. C wave is getting more complex. Waiting for 6500+ for shorts break down suddenly from here not likely at all though.
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Looking like a truncated C wave here to give this contracting type structure. Watch for this consolidation to break down impulsively Note
Looking corrective not impulsive. Expecting one more leg down before a larger degree correction. Watch out for a down impulse and correction for short trade setups. Note
BTC breaking down. Looking at the test of 6200 region before we get a larger degree correction. Note
Bitfinex chart - Will be using Bitfinex chart from now as the wave structures are much more clearer on here even though I'm not trading this on Bitfinex.
The corrective structure is complete imo. Watch out for a breakout and flag for a short trade setup.
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Think we are in larger corrective structure and B wave is incomplete with the C leg still remaining. Watch for an impulse and correction for long trade setup
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Got the pump. It was weaker on bitfinex but on mex and coinbase it actually did retest the top. Expecting a small consolidation here for a nice short setup for another leg down
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Got the dump down to 6200 as I was expecting. Looking for bounce to upside to complete the correction.
There are two possible scenarios I'm looking at the moment.
Either we get completed the flat structure or we are currently making a flat structure would be looking at the retest of the top.
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If the flat structure is complete we should a smaller degree correction. In anycase would wanna be long here.
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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.