Respect the long bars, so need to wait till at least this next bar completes. Though a small auto sell triggered at 382 of move down
still in a bear market, btc up over 230% ytd, long way down yet... imo
In H M Gartleys book his golden rule was to buy the first AB=CD correction in a new trend. BTC made nice gartley here so it "has" to be bought
if it fails will head down to form at least a butterfly at 1.1272
powered through .382 and not able to get a meaningful bounce. acceleration in both price and spread currently looks like BTC USD wants to go down further before a retrace. Extension of the 1-1 ABCD to 1.618 would bring it down to .618 area. Price action here may give a clue as to $4K and below or back up towards 10K. If the higher low gets busted then...
Chart shows 2 relief rallies that have failed at .382, double topping on declining volume - 64 dollar question is will it repeat for 3rd time?
If BTCUSD is around double top area on the 14th 15th or 16th April then I would be adding short. (time cycles). Conversely I'd be looking at a swing bottom around the 16th if we push lower
Until then will look for short...
Lower lows and lower highs, trend still firmly down, unable to sustain any rally above .382
Potential entry that will allow adding to core short position. as we have 4 numbers converging
.382 last move @ 8217
.5 from low (18th) @ 8208
1.272 @ 8217
AB=CD @ 8180
stop above 1.618 (8380)
Target 1 - 7980 Stop to entry
Target 2 - TDB
Target 3 - 2460
RR high,...
