BTCUSD's trend on the shorter time frames is getting weaker (bearish divergence), which is OK. On the bigger timeframes, this is the 1st elliot wave of another group of waves. And based on the fibonacci retracement tool, it looks like a retracement to 26.6 is HEALTHY.
I personally will not purchase my bitcoins now, I will wait till around the FED report to get a better look on the markets.
I am posting a longer video tomorrow commenting on the expectations from the FED interest rates report/meeting. Make sure to follow me now, and check-in for this video (maybe I will make a stream too for Q&A).
@SwallowPremium I personally will Not short. But I will buy more If/when the price goes down to 26.6
Looking at the chart now, looks like there is no momentum anymore, so a correction from now to 26k are makes sense and healthy. BUT, tomorrow will be a volatile day, so I would not recommend treating any trade right now other than a gamble (i am assuming you are doing margin trading with leverage?)
Billa1977
⋅
great analysis am a daytrader too ..feds wont pivot this time