Going back to my idea where we expected one more drop, our targets got broken through pretty easily and BTC just put a low at 34k
Looking at this EW count (honestly it's my preferred one at the moment, we have a bearish one with targets in the mid 20s), we can see that we do have a lot of confluence in this area :
Monthly and weekly level, POC, 1.618 extension of the A wave (common target for a C wave), and many others such as a fib speed fan but I won't be showing them here as the chart will look too clustered.
This scenario represents a running flat pattern for BTC
If we break 29k then we are in an expanding flat with targets in the mid 20s
The best thing we can do here is look at market sentiment, next week if everyone is screaming for 20k then this scenario is more likely to happen, and as always we want to see a lot of people shorting, which we never got during the drop to 39k which is why I wanted to see more drops.
For the moment on the LTF I do expect lower, and I don't think there is any trade to be had yet.
Hopefully you shorted higher and are holding your shorts now, if you haven't this is 100% not a good time to short.
Any questions?
Good luck traders
Remember not to break your rules
Habib
Looking at this EW count (honestly it's my preferred one at the moment, we have a bearish one with targets in the mid 20s), we can see that we do have a lot of confluence in this area :
Monthly and weekly level, POC, 1.618 extension of the A wave (common target for a C wave), and many others such as a fib speed fan but I won't be showing them here as the chart will look too clustered.
This scenario represents a running flat pattern for BTC
If we break 29k then we are in an expanding flat with targets in the mid 20s
The best thing we can do here is look at market sentiment, next week if everyone is screaming for 20k then this scenario is more likely to happen, and as always we want to see a lot of people shorting, which we never got during the drop to 39k which is why I wanted to see more drops.
For the moment on the LTF I do expect lower, and I don't think there is any trade to be had yet.
Hopefully you shorted higher and are holding your shorts now, if you haven't this is 100% not a good time to short.
Any questions?
Good luck traders
Remember not to break your rules
Habib
