$BITCOIN - Priority is LONG.

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin looks good today. The Uptrend was renewed, but soon we might see a small correction downward. Why? The trend has formed an upward 1-5 Elliott cycle, but after 1-5 we have to see an ABC correction. Our goal is to gain LONG position, so we need to define supports (zones where we can place buy orders). Well, we can see two important support levels: $10500 and $10750. The second one looks unreliable because it is located exactly between the point "3" of the 1-5 cycle and potential location of the "A" point of the ABC cycle.

So, as you might understand, we expect the price to drop to the $10500 support from where $BTC can start moving upward to $11140 zone. Moreover, if the price goes to the $10500 level, we would see a re-test of the main up-trend support.

Now let's talk about setups for opening SHORT position. In case the price will break through the $10400 - $10500 support, we will have to watch how the price behaves at the $10260 level, because there will be two options: either flat (accumulation) in order to gain powers for another upward impulse, or dump lower than $10260 in order to update local low levels and go to $8300. In case the second option will start, we will make another Update.

Currently, priority is LONG from $10500 - $10750.
Work in the team of Crypto Klondike.


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+1 Reply
I'm looking more at a bearish scenario

Bitcoin hasn't corrected since shooting up $10,000 from 2019 lows of $3,000. Bitcoin consistently failed to break $13,900 and bulls have given up. Its a bear market now
Elliott Wave Double Three Combination

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