Short

BTC looks bad short-term

Updated

BTC broke out of its resistance, but then swiftly broke through several layers of support, as you can see in my previous analysis here:

This is my prediction of how the future movements will be.
I expect 11.8k support to hold, with perhaps a long spring to 11k. If that support does hold, it will recover all the way to 16.2k.

Note

It hit support at 13.4k, keep closeful watch now!

Note

Perfect bounce from 13.4k to about 14.6k. Easy 9% profit.

Note

Followed my first arrow perfectly. This is the second test of support however. It's quite possible it'll break through and hit 11.8k. If it holds: it'll follow my second arrow.

Note

Second arrow was followed too. Get ready for the 3rd arrow!

Note

If it closes above the previous short term high at 15k, the downtrend is most likely broken. If it doesn't reach that, it'll likely bounce downwards to 11.8k. Be careful with your entries, the market seems very insecure about taking a direction.

Trade closed: target reached

Target reached. Hopefully it will now bounce off it, for all our sakes.

Note

In case that it doesn't: 11k and 10k will provide some support. Big support at 9k for sure.

Woolhead

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