DennisLeeBTC

Bearish Scenario: Possible dump

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
10.1k to 9k or 8.6-8.7
Comment: As traders, we must consider all scenarios otherwise the temptation is to use Technical analysis as a way to confirm our bias. Especially with the Elliott Wave toolset, the reason it's often criticized as being subjective is because practitioners fail to consider other possible paths. Although we are still firmly in an uptrend, there's a possibility that this may be a large ABC to 11k. Given the odd wave structure and sometimes low volume pumps we've been seeing I remain suspicious. Momentum and RSI seem bearish and there is a great deal of resistance overhead. Hopefully once 10k is breached we see a clear 5 wave structure emerging. I'm still long from the bottom but will be prepared for the worst.
Great job!
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@hkh222, TY!
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Thanks for the update. Always good to consider such possibilities.
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@Scygon, cheers, may your trades be profitable
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