There are 2 ways in which we can look at Bitcoin.
The first way is the view that we're in an expanded flat correction (Scenario A) and that we're still within the ABC corrective parameters and anticipating one more drop to the 28-30k structure level. In this scenario, we are looking for the current correction, which appears to be a parallel bearish ABC correction, to break lower towards the aforementioned structure level at 28k-30k.
The second way we can look at Bitcoin is with the view that we were in a Running Flat correction (Scenario B), in which case we have completed the ABC correction and currently in the next bullish impulse.
The Plan:
Right now we're in the speculative stage where we're looking for price action to tell us what's next. If we break the ascending red trendline for Scenario A, we can look to short Bitcoin and play the Expanded Flat correction scenario. However, if we create low volatility bearish candles, we can look for lower timeframe bull flags to take Bitcoin higher = playing Scenario B running flat.
What do you guys think? Let us know below!
Goodluck and as always, trade safe!
The first way is the view that we're in an expanded flat correction (Scenario A) and that we're still within the ABC corrective parameters and anticipating one more drop to the 28-30k structure level. In this scenario, we are looking for the current correction, which appears to be a parallel bearish ABC correction, to break lower towards the aforementioned structure level at 28k-30k.
The second way we can look at Bitcoin is with the view that we were in a Running Flat correction (Scenario B), in which case we have completed the ABC correction and currently in the next bullish impulse.
The Plan:
Right now we're in the speculative stage where we're looking for price action to tell us what's next. If we break the ascending red trendline for Scenario A, we can look to short Bitcoin and play the Expanded Flat correction scenario. However, if we create low volatility bearish candles, we can look for lower timeframe bull flags to take Bitcoin higher = playing Scenario B running flat.
What do you guys think? Let us know below!
Goodluck and as always, trade safe!
Komen:
Have a look at our Ethereum analysis - Similar pattern to Bitcoin!
Komen:
BITCOIN - Expanded Flat Target reached :)
+40% raw gain
+40% raw gain
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