Bitcoin Ascending Triangle - SHORT SELL ENTRY SOON
Updated
Hi again traders! We are within a down wave E on the 4th SuperCycle (SC4E). Yesterday we confirmed the evening star reversal and are on our 1 wave down of 3 toward the E projection of $6,500.
Kraken:XBTUSD is currently in an UPWARDS CORRECTION (numbers are shown on the chart for clarity):
- 1. Ascending triangle (green trendlines), next to last move, wait for breakout upwards to SELL SHORT
○ The main trend is DOWN, but the correction means that our minor trend is UP, but buy with care!
○ We are waiting to jump back in to SHORT SELL all the way down to the bottom of E in the medium term
- 2. Rising on falling volume
- 3. Caught up to and bounced off the 20MA
- 4. C=.618A indicating low buying strength and confirms the triangle
- 5. Hitting upward resistance at the 75% pitchfork line and sandwiched below by the .786 range resistance (pink fib)
- Currently have a bearish divergence on the A/D indicator
- I do not see large buying impulses and I see low volatility while we distribute: do not open a short position until the triangle is confirmed
- I expect some short covering in the next few hours to one day, up to the 50MA and around the .382 or .5 retracement of the A wave down on the white fibs, so we should get a pivot price peak at around $10,560-$10,650. Most
likely somewhere in the middle of the two.
Once the candle noted on the chart forms, we will confirm the entry and post it here! Good luck!
Kraken:XBTUSD is currently in an UPWARDS CORRECTION (numbers are shown on the chart for clarity):
- 1. Ascending triangle (green trendlines), next to last move, wait for breakout upwards to SELL SHORT
○ The main trend is DOWN, but the correction means that our minor trend is UP, but buy with care!
○ We are waiting to jump back in to SHORT SELL all the way down to the bottom of E in the medium term
- 2. Rising on falling volume
- 3. Caught up to and bounced off the 20MA
- 4. C=.618A indicating low buying strength and confirms the triangle
- 5. Hitting upward resistance at the 75% pitchfork line and sandwiched below by the .786 range resistance (pink fib)
- Currently have a bearish divergence on the A/D indicator
- I do not see large buying impulses and I see low volatility while we distribute: do not open a short position until the triangle is confirmed
- I expect some short covering in the next few hours to one day, up to the 50MA and around the .382 or .5 retracement of the A wave down on the white fibs, so we should get a pivot price peak at around $10,560-$10,650. Most
likely somewhere in the middle of the two.
Once the candle noted on the chart forms, we will confirm the entry and post it here! Good luck!
Note
Sorry, posted too soon!Remember about triangles: falling through the bottom is also a breakout. You can short once it clears the A wave low of $10,300.
Trade closed: target reached
We were pretty close with the high being $10,570. We shorted down to $10, 134.60, for a 4% profit. Now we go with the trend upwards, as a correction.
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