Our last Bitcoin analysis caused quite the stir... Understandably those that are holding Bitcoin would want to see it moon BUT we would rather be cautious and mark out any other possible scenarios that may happen and would allow us to buy into Bitcoin more before it moons.
Now that we've completed wave B, we can see that we made a new high = can't be a 535 flat and so this 335 Flat correction appears to fit this bearish scenario.
We are expecting 5 waves down for Wave C. The best place to enter Shorts would be once we make the wave 2 correction. We'll have a tight invalidation level present and have incredible room to drop, allowing us a big risk to reward ratio.
Our bearish scenario invalidation level sits at around 74k. We'll remain bearish as long as we stay below that level.
Once we see the wave 2 correction, we'll be sure to update you guys!
Goodluck and as always, trade safe!
See below for our previous analysis.
Now that we've completed wave B, we can see that we made a new high = can't be a 535 flat and so this 335 Flat correction appears to fit this bearish scenario.
We are expecting 5 waves down for Wave C. The best place to enter Shorts would be once we make the wave 2 correction. We'll have a tight invalidation level present and have incredible room to drop, allowing us a big risk to reward ratio.
Our bearish scenario invalidation level sits at around 74k. We'll remain bearish as long as we stay below that level.
Once we see the wave 2 correction, we'll be sure to update you guys!
Goodluck and as always, trade safe!
See below for our previous analysis.
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