We have a weekly time at mode uptrend failure, this is terrible news. In my last chart I warned we could be declining sharply after what looked like a corrective structure completion ending on a truncated fifth wave, which did led to a sharp fall, but the timing was rather off. It's possible this was due to the nature of btc, which is rather low liquidity, and possibly distorted the wave count's proportionality in time. As for time at mode, I have a short signal, since we broke the mode, rgmov looks really bearish I'll try to short on a retracement asap. This might be related to the Bitcoin XT consensus fiasco, which has been recently coming to light. cointelegraph.com/news/114646/andresen-proposes-hard-fork-patch-for-bitcoin-xt-critics-remain-skeptical medium.com/@octskyward/why-is-bitcoin-forking-d647312d22c1 We might be headed to 122-86. Yikes... I'll update with a safe short entry. Good luck! Ivan.
(long worked like a charm, 34% gain)
Now pending shorts.
BitcoinGuru
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Are you planning to short at 240-238 area? I see this as a kiss of death before doom to 16x and then lower. Several indicators are bearish. thx
IvanLabrie
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Yes, both time at mode and my EW count point to a mode retest from underneath before plunging to retest the low or breaking it.
I also think it's possible to see the completion of the bear market phase soon. Will update it again once it's confirmed. (the move down from my previous 'bulls in danger' wave count, is waves 1 to 3, the recent move up is an incomplete 4th, pending 5 down)
IvanLabrie
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I'd unwind longs at this point if we get a retracement.
And focus on finding shorts.
We might be traveling towards 167 or even new lows.
IvanLabrie
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Time at mode target hit.
We might consolidate now.