Rising Wedge Pullback or Upwards Channel?
Updated
Turning point for BTC here as it tries to decide where it wants to go, whether it is going down to complete a H&S for major correction or it is going to continue onto its upwards channel. Bulls have shown again and again that they want to save the rally and a 2nd bounce off the 13400 support line yesterday has generated more confusion for a correction. I play both bulls and bears so I always take perspective from both side and while I want to see the 6k or 8k correction happen so that we can avoid a dangerous bubble, I also have to consider the possibility of consolidation here.
Technical at the moment shows that this dead cat bounce off the 13400 support line is going down now to test it again for the short term. I don't have a wave analysis for this bounce as the sub wave structure is weird at the moment so an upwards channel is pretty possible. Going to see where it goes from here on this turning point, but just on technical alone and the bearish signs, i am going to play a short here but I will put it on a tight stop loss. Potential big earnings here if the short works out here and breaks through the 13400 support line, until 12k or 11k.
Confirmation for a major short would likely come when the 14500 breaks, but i personally took it from 15k before I wrote this. Take this one at your own risk, I am just going by indicators here so worst case, I will scalp for a small profit or take a minor loss.
Technical at the moment shows that this dead cat bounce off the 13400 support line is going down now to test it again for the short term. I don't have a wave analysis for this bounce as the sub wave structure is weird at the moment so an upwards channel is pretty possible. Going to see where it goes from here on this turning point, but just on technical alone and the bearish signs, i am going to play a short here but I will put it on a tight stop loss. Potential big earnings here if the short works out here and breaks through the 13400 support line, until 12k or 11k.
Confirmation for a major short would likely come when the 14500 breaks, but i personally took it from 15k before I wrote this. Take this one at your own risk, I am just going by indicators here so worst case, I will scalp for a small profit or take a minor loss.
Note
Bulls are losing steam here, slight divergence are starting to show up (slight only, might change) I'm still leaning on the bear side here, but if it keeps hovering around 14800, I am thinking of a potential bear trap being form.Note
Taking a little longer than I would like to break the 14500 support, suggesting a supply issue. Upgrading next support line to 13600 if we break through here.Note
This temporary bounce here at 14k should likely bring us to to 14500, float for awhile before it goes down again to test the 13600 support and hopefully break it. I am looking at the wave like this if I did not miscount it, giving a 2nd chance to short it again if you missed it at 15k. I'm a little bit tired having to update the progress, so I may take a break tonight and let this play itself out.
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Note
I wouldn't short this anymore until 14200 breaks as confirmation. Short term bullish signs are appearing, likely to 15000.
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