BTC 01/05/2018 - What is going on?
Good morning guys. Hope you are all well and taking time to excersize in the opposite direction of fomo.
So it looks like my previous scenario that I had posted for BTC has come into effect.
Whilst my depictions may be accurate, I want to stress that anyone trading against BTC should never try to take a predictive stance. Be flexible. We cannot tell the future, but the past leaves clues for what MAY happen.
A reactive stance is best in an uncertain enviornment.
Debrief:
We have bounced precisely off support region one, almost scarily accurately. However, my bias still remains. I think we have another small leg down before we are done correcting.
Fundamentally - I am still bullish mid to long term, short term I am bearish to neutal.
Points to consider:
Current support: 8800-8700.
My bias target: 8500-8400
-The 38.2 region is around 8500
-The ABC extension lines up to around 8449 region
-Bitcoin is bullish which would mean the 38.2 is the most magnetic target
-There is a small chance we have boucned here and will continue up
-I believe bitcoin is bullish for a long time to come now
-One more capitulative leg down would make be happy and to see this correction as healthy.
There is definitely a chance that we bounce here, so PLEASE keep that on the table.
So it looks like my previous scenario that I had posted for BTC has come into effect.
Whilst my depictions may be accurate, I want to stress that anyone trading against BTC should never try to take a predictive stance. Be flexible. We cannot tell the future, but the past leaves clues for what MAY happen.
A reactive stance is best in an uncertain enviornment.
Debrief:
We have bounced precisely off support region one, almost scarily accurately. However, my bias still remains. I think we have another small leg down before we are done correcting.
Fundamentally - I am still bullish mid to long term, short term I am bearish to neutal.
Points to consider:
Current support: 8800-8700.
My bias target: 8500-8400
-The 38.2 region is around 8500
-The ABC extension lines up to around 8449 region
-Bitcoin is bullish which would mean the 38.2 is the most magnetic target
-There is a small chance we have boucned here and will continue up
-I believe bitcoin is bullish for a long time to come now
-One more capitulative leg down would make be happy and to see this correction as healthy.
There is definitely a chance that we bounce here, so PLEASE keep that on the table.
Disclaimer
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.