Trap or Escape: $8,250-$8,500 key

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We seem now to be on a possible wave 3, of the C wave in the ABC retracement of the long term trend.

This stays true as long as we don't go beyond $8,250-$8,500. This range has 3 elements of confluence that should provide a relatively good resistance.

If the range is not broken we can expect a new down trend that will end between $4,500-$3,500 (I know that it's a really large range, but I can't be more precise at the moment). I would say $4,500 is extremely likely if the above where to happen and I would ladder my buy with 50% at this level, 25% at $4,000 and another 15% leveraged at $3,750 and another %10 leveraged at $3,500. Long term target from there would be in the $33,000-$35,000.

If we end the bear market here, then $35,000-$37,000 will be hit.

Comment: Forgot to mention! if we go down from $8,250-$8,500 range, we need to break $7,400 in order to have a clear short signal.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out