krishisdead
Short

BTCUSD BEARISH SCENARIO

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
2192 views
9
2192 6
Chart speaks for itself. Not taking a position yet however I'm leaning short - it is a possibility as is a breakout to higher levels.
Comment: So far so good!
Comment: Well....
Comment: Support is now resistance - I'd expect a further move down but the bulls are decided to hold it off for now. Current price action shows another accumulation phase so we could see a violent move up or down again.
Comment: There it is!
Comment: You can't say I didn't tell you ;)

Comment: Update - If this really was an impulse wave down, we should see an ABC correction wave now. We're now forming regular bullish divergence on the 12H chart for both RSI and Stoch RSI. This could get us to test 6600 similarly to the previous test of 6800.

But, Stoch RSI indicates we haven't found our lowest low yet so we should break down again in the later this week or next week. The chart below shows the more bearish side of things with this being the start of another impulse wave after that correction wave.

Comment: We'd also need to break our new 3D resistance around 6250.

Comment: Don't forget to press play ;) New update coming soon.
Comment: Back with another possible scenario:
Comment: ;)
What is 3D resistance?
Reply
So you would expect an ABC upward correction after 6k?
I did an elliott wave on the onverall bearish move from Jan and placed us currently at the wave 5 drop with possible capitulation, but have the wave 5 extended and ending at aprox 5k.
Whats your thoughts?
Reply
@krishisdead hi, I think tomorrow should push slightly lower to $5800-5900 then the reversal should comes in. V shaped bottom. How about you, what do you think?
Reply
I am personally focusing on the stoch, when the daily stoch becomes oversold, im going to enter positions
Reply
So far so good!
Reply
There we go.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out