BITCOIN - Juicy SHORT COMING UP [SHORT]
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BTC has been in a downtrend over the past few days.
We had a bounce from the 7900 region, perfect algo target leading to this very short term low volume uptrend which is almost coming towards an end and will provide us with a nice shorting opportunity.
From an Elliot wave perspective, this could be the start of a new downward zig zag with these five waves (yellow) completing a wave 1 or A wave at this moment we do not know.
These 5 waves down are clearly impulsive in nature, and the bounce we got from 7900 is very low volume and has corrective nature to it.
I expect btc to reach around the 8700-8800 region there is order block in that region that can possibly reject us and send us back to down to sub 8k levels.
This bounce has also reset the indicators on the 4hr chart, so we have room to go down further.
I will start laddering my short positions in the 8700 region all the way upto 9k.
If btc has can break past 9k with volume and hold a higher low this analysis is invalidated.
We had a bounce from the 7900 region, perfect algo target leading to this very short term low volume uptrend which is almost coming towards an end and will provide us with a nice shorting opportunity.
From an Elliot wave perspective, this could be the start of a new downward zig zag with these five waves (yellow) completing a wave 1 or A wave at this moment we do not know.
These 5 waves down are clearly impulsive in nature, and the bounce we got from 7900 is very low volume and has corrective nature to it.
I expect btc to reach around the 8700-8800 region there is order block in that region that can possibly reject us and send us back to down to sub 8k levels.
This bounce has also reset the indicators on the 4hr chart, so we have room to go down further.
I will start laddering my short positions in the 8700 region all the way upto 9k.
If btc has can break past 9k with volume and hold a higher low this analysis is invalidated.
Nota
UPDATE - BTC hit turned around at 8640. Pretty close.
Still within the corrective channel. Breakdown of the channel will lead of heavy sell off.
We have resistance at 7800. That would be the first the target to close some short positions. Break of 7800 can lead straight down to 7200 and sub 7k ranges can be possible.
Nota
BTC broke the corrective channel is headed downwards. There were clear bearish signs on all indicators with clear bearish div.
Nota
Target 1 - 7600 for this wave down. Good confluence with VPVR we may have a bounce in that region.
Nota
BTC completed what appears to be wave 1( yellow 5 subwaves)and we are currently in wave 2. Correcting in an ABC pattern, I expect this to correct near between the 0,382 - 0,5 fib. ie 8300-400 before we see another move to the downside.
Nota
Here is my updated wave as we are getting more dat. We are mostly likely in wave 3, the vertical rip to the downside makes sense.
I expect a small bounce right now to 8k regions then completing the subwave 3 of wave 3
Nota
BTC will bounce soon in this region - 7500. Closed shorts and laddering longs with stoploss below 7350 for a target of 7800-8k
Nota
BTC so weak. Closed longs at small profits and entered short positions. Nota
BTC looking to go down more to around 6900 before we see any good bounce. 5th wave is in progress of this structure.
Nota
Here we go again BTC is making its final wave down we were expecting. There was hidden bearish diverengence on the 2hr chart indicating continuation of the trend.
Nota
Completing the final wave down now. After this long sideways choppy move finally some actions. Targets unchanged.
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Bitcoin has been moving sideways for past couple of days. Volatility is really dead. Still on the 5th wave. Not really much to update here.
Expected target for bounce 6700-800
Nota
This it btc bounced at 7k.
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