Short

BTSBTC - look out below

Updated

Following a very sharp elliott wave, BTSBTC is at a critical point. I expect it to breach this support line and retrace 75-90% on the fib. This is healthy consolidation. Take your gains and look elsewhere. If you bought the top, well, somebody had to. Save some cash.

Note

Good preservation of trading capital so far, I would have expected more downside by now however. Still would not be entering a long here. Waiting to see how the next 12-24 hours play out.

Trade closed manually

Assessment: I don't like what this is doing. I'm going to exit the short call here, with a slight profit. Did not achieve target, and showing surprising strength based on my theories. I would not re-enter long here however. Regardless, I'm going to add a W to the record because we preserved trading capital for much better opportunities, and are on the right side of the call about ~7%.

MarkCanna

Also on:

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.