BitcoinShort
BTC going higher to dump lower
Updated
The scenario posted a few days ago remains.
PA showed some weakness last week as it didn't reach the target for the double bottom that had been built. This is not negative at all, it just means the bears are still in favour which is good for the trade we are looking for.
I was following the elliot waves of this new downside impulse wave, and it seems we are in a classic ABC correction.
Targets around 8250 to enter shorts remain.
Patience is all we need
PA showed some weakness last week as it didn't reach the target for the double bottom that had been built. This is not negative at all, it just means the bears are still in favour which is good for the trade we are looking for.
I was following the elliot waves of this new downside impulse wave, and it seems we are in a classic ABC correction.
Targets around 8250 to enter shorts remain.
Patience is all we need
Note
I also have in mind an even bigger trap for this ABC correction, let me explain.Please notice here some levels, just to be prepared if the situation unfolds.
This is what could happen if the wave C of this correction extends.
Fib levels align perfectly, allowing the correction to extend even higher than we are expecting (our main scenario is still 8200 zone).
There's still bullish willing on social media and some people are still hoping for BTC rally to continue.
(I'm not saying it's not going to continue, but we need to correct a bit more before we can go on with it)
Breaking the barrier of the 8300 can cause FOMO and dumb money is going to re enter again. Guess what? Exactly, the perfect scenario for whales to load shorts on higher prices and trigger a bigger dump.
So in case price goes above 8250, please stay patient and wait, you know that in this game, the money is transferred from impatient people to the pacient ones. Choose your side.
Note
8250 HIT!!!!Note
Price playing around in the region I warned you...Note
Adding more positions on the short side, zone is being fulfilled!!!
Follow me up on twitter! @2Flaw7ess
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