Techmology

BTC 4 hour Potential signals of larger pull back

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hey guys, Id like to share the potential of a larger pull back if we aren't held within the wedge and break down. I'm taking profits at this time. In the event we turn up from here, this will invalidate the potential bearish divergence seen in the indicators. I'm not panic selling and Im not worried about the bullishness of the market. There are pull backs to every move up within bullish cycles. This may be one of them. Safe trading and we'll stay on top of what happens next!
Comment: I'd like to say again, this could easily be invalidated with a bullish move up from here. I have every reason to believe this is likely, just want to share so people know what to look for in the event we do pull back. As I've said, the wave count is relatively rough to get a handle on at this time so could go either way
Order cancelled: As noted above, was a great thing to be aware of however what would have happened if I had no skin in the game? This is the theme these days guys. I want to be clear, I see a count in the waves which allow for $20k before summer solstice. Just be advised. I can already see where the majority of TV is prepared for an absolute failure at $12k. I'm aware of that however find it unlikely. Happy trading friends!

Comments

When you think you see something bearish, yes just pull out from the market and take a breather!
+1 Reply
Techmology GoldBitBug
@GoldBitBug, Yeah I take a fair amount of profits however I'm not sweating the little moves. If it happens to prove out to be something more, I'll get a short in. This said, this is as likely by my wave count to have another move up and invalidating the potential divergence and continued moves up as Bearish.This is a similar situation to the $9k resistance before further moves up. I love doing this so a breather isn't something I really feel the need to do.
+1 Reply
Techmology GoldBitBug
@GoldBitBug, Just want to share so people know what to look for
+1 Reply