BTC rejection to lower channel trend-line
Updated
Hello,
No big analysis, just trying a new trading style. Demand has turned into resistance, entered after some nice upside wick rejections and a lower high set. Targeting lower TL.
I have found that while the outer channel contains price relatively well, a tighter channel seems more appropriate.
This is getting into difficult territory to be short, as by my count, a plausible completion of wave C down was 17,600 and we are just trying to establish support for a more higher. It will be a bit choppy for a month or two as price tries to break above EMA resistance that then becomes support. Maybe 60-90 days of that coming up.
Medium and long term bullish on BTC.
Good luck and protect those funds.
No big analysis, just trying a new trading style. Demand has turned into resistance, entered after some nice upside wick rejections and a lower high set. Targeting lower TL.
I have found that while the outer channel contains price relatively well, a tighter channel seems more appropriate.
This is getting into difficult territory to be short, as by my count, a plausible completion of wave C down was 17,600 and we are just trying to establish support for a more higher. It will be a bit choppy for a month or two as price tries to break above EMA resistance that then becomes support. Maybe 60-90 days of that coming up.
Medium and long term bullish on BTC.
Good luck and protect those funds.
Note
Ok, now its dropping steeplyTrade closed manually
Closed at or close to break even, I was wrong, protected any losses and live to fight another day. View still short term bearish
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