BTC bear necessities
Updated
We will start with the I told you so
Of course a short was to be placed at 1.618 of BC but after the strong bounce (low timeframe volume) from B also 0.5 - 0.618 shorts gets risky and it became clear that we were note going to touch A or C target ~12.8k.
So patients was required and a new bullish pattern emerged and it was clear that 13.9k target was going to be hit.
It has now exceed my original target.
GREAT!
Now we are pumping in this wave 5, by my count, from march (can check related idea) from ~10k.
Take a mental note of 0.618 at around ~12.7k 0.5 levels.
We are probably going to see a correction. Volume also peaked on this last green 4H candle, and we are also seeing a bearish div.
My original short target of ~12.8k has more credibility. It is also confirmed by volume profile. TP for first bounce of a longer bear trend reversal.
Any breakout above 14k will invalidate this study.
HF!
Of course a short was to be placed at 1.618 of BC but after the strong bounce (low timeframe volume) from B also 0.5 - 0.618 shorts gets risky and it became clear that we were note going to touch A or C target ~12.8k.
So patients was required and a new bullish pattern emerged and it was clear that 13.9k target was going to be hit.
It has now exceed my original target.
GREAT!
Now we are pumping in this wave 5, by my count, from march (can check related idea) from ~10k.
Take a mental note of 0.618 at around ~12.7k 0.5 levels.
We are probably going to see a correction. Volume also peaked on this last green 4H candle, and we are also seeing a bearish div.
My original short target of ~12.8k has more credibility. It is also confirmed by volume profile. TP for first bounce of a longer bear trend reversal.
Any breakout above 14k will invalidate this study.
HF!
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