Short

Updated

Bitcoin - Bottom is not in

Wrong on my last idea, but this range is an irregular ABC, so we are still in Wave 4.

Confluence of 2 fib levels potentially ending at 14.6k.

We haven't got that 5-move down, so Wave 5 is not done yet. Bottom is not in.

Could still take a few days for that deviation to play out, but now is not the time to go long.

Good luck.

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This is the HTF chart.

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CME gaps to be filled. I hope we don't get to 9k. Even if the analysis is wrong, price is still more likely to fill 17k first before going up.

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Shorting here at 50% W.4 ret.
Trade invalid above 26.6k.

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BTC correcting to previous Wave 4, Offering another chance to short.

Could chop around here for a bit but a break below (B) is a clean entry.

Trade active

Still in trade and still bearish.

Looking for this to play out.

Trade active

First part is done. This is a H4 structure, so the impact is going to be quite large if it breaks down.

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Didn't get as high, but broke down anyway.

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BTC is now at resistance turned support, so consider taking some profits if you are short as it can still run up once more.

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Taking a short here.

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Stopped out. Re-trying shorts with SL at 23600.

Hidden bearish divergence (Indicates underlying weakness. Found during retracements in a downtrend.) + Retest backside of broken trend line.

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Seems like this played out instead. No change to this trade. Shorting.

The 3-drives that Bitcoin frequently gives was already done. This swift move up is to clear stops.

Idea will be invalidate above 26.6k.

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If you have emotional trouble selling, try flipping charts and ask if you would have bought on this setup.

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EQ Highs + too clean above. Could get sweep once more.

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Pressure is on the downside, but taking a small long now hopefully to 25.7k.

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No change in plan. Still targeting a sweep of the clean highs.

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Didn't expect the down move to 19k, but now we finally got the sweep at 26k.

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There is always 3 chances to sell. I believe we are in the 2nd.

Placing a tight stop loss to limit losses if wrong.

rookiyong

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