Short

Next leg down for BTCUSD?

Updated

Lets see if resistance at 2420 pops or not... if not, then we got a down on the bigger Elliott wave. I think its a short because MACD and RSI shows overbought plus the triangles are getting shorter but this could really go both ways... support still at 2200. Fib retracements coming in a moment

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As I said *before* taking this position I could of course be 100% wrong and we are in the opposite direction in the last updates here:

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I've put my stop loss on this short at 2470 (to avoid slippage I hope - that would be sad) and we shall see in about the next 30 min if this was a great position or totally wrong depending on where to count elliott waves from. RSI and MACD in favor of shorting for next hours though

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Come oooooooonnnnnn:

sooooo scary

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I think it was the right bet - here we goooooooo!!!

If you dare - now is the time to short :D

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That said - I really dont like the W on MACD 1h showing potential rally up coming thoughts?

I'm keeping a very close eye on 2420 -- thriller movie

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After the big 2380 fall on the 1m the next high couldn't bounce back up to 2420 so we're getting safer on this short

now I gotta get my retracements S/R

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I expect something like this for the short term waves and also if you're looking at getting in

... just be careful on the tops and downs as I havent intersected with Fibonacci Retracements yet. Getting in at 2400 would be a good deal

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Upswing coming now ... limit 2420 or so to get a good short deal .. MACD 1hr showing W so I'm still quite nervous...!

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Bounced back up to 2410 on the W on MACD, if I'm right we will see it come down shortly as RSI is quite hot right now

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It looks like the big war of 2370 will be fought in the range 2410 - 2370 but lets see

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Ups I put this in the comments below was supposed to be here - the suport levels and bigger picture:

The order book is nicely lined up with main volume of buyers green side 2310 and 2210 and sellers red side 2430 and 2490. Fibonacci Retracement and old Head Shoulders as follows since we are shorting we are only looking at the potential risk that we bounce out of the fifth Elliott wave. And since we are on the last wave of the correction down, thats a big risk - when does it end.

I'm assuming the sellers right now will be the guys from the last big V back in late may early June. So using their long positions when does Fibonacci and common sense say they would sell after this big correction we've seen. Yeah, its starting to hurt...

Ive done three fib rets on the three main buyers from the last plateaus and their most probable exits are the resistance levels

2370 there will be a war - we are there now.. lets see :D
2275-80 another big one I expect because its two retracements that overlaps
2225

So there should be plenty of bouncing in these levels also as Elliott waves.

If we break through those then there'll be major sell off going down to 2100 and breaking through that its 1900-1860.

Also I'm assuming that most of the guys who were at the top around 14th of june have sold. I will check Fib Rets on that later.

I will now update my limit to take profit at 2100. I might exit at 2225 but lest wait and see

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This is sooooooo intense the battle of 2370 now raging at 2394 - come ooooooooonnnnn!!!!

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Its breaking out of it

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What the BEEEP!!!:

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Maybe C-D legs had not fully developed and D needed to be higher?

moment of truth in next hour or so

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if it goes to a higher top than last at 2440 and snaps out if it then this system is over and we are on an upswing

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What a massive massive battle - this is soooooo exciting!!! In a way I hope 2420 holds because then we wont have all the usual bla bla from un-informed journalists going RIP bitcoin and the usual crap ... and it will be a nice signal to the market overall even if its against my short from 2440 -- moment of truth right now

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If it hits 2450 then this short is RIP ... intense!!!

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If this is not pumped then I dont know what is... what a riiiiiide!!!

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Nope ... this is over :-(

Trade closed: stop reached

Im closing this one out at zero loss knowing that we are now on the rebound and 2440 is a new strong support. I will go long once I see whats going on

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Im long since 2437 with a nice butterfly hopefully as a start signal that this nonsense is now over :

bernino

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