BTC analysis 23May18 Downside done, or more to come?

Hi friends, in our last update at 8200 I mentioned that price would likely rise via bull trap into 8600, and not to fall for the bait. Price ended up going perfectly to 8600, before reversing back down. It has taken out the critical diagonal support at 7800 and is at 7600 as we speak. At the moment we are oversold and will likely see another small bump up to reset the RSI for a bit(perhaps as high as 8200, but 8000 more likely). We did see some volume on the last low but I am not convinced. Our plan of waiting until bottom of the triangle (7000 at this point) is still in effect, and we will see a good opportunity to place a trade there with a tight stop. Overall, we could not have performed better on this down turn selling our positions at 9800 and staying flat since. On the previous run up, we did not perform with the same precision missing a critical buy order when the price missed our limit order at 8500 by 50$. I am hopefully to make more profit during the next upswing then we did on the previous one. Since the beginning of 2018 we are up around 40% on our portfolio while the market has tanked by 65-70%. This was done thru careful entry’s, not falling into fomo, having a plan, but above all risk aversion and capital preservation. Because of the current situation and our strategy during bear markets, we need to have a good entry at the bottom of the triangle with a tight stop, or we need to see a rally where the 4hr EMAs(8,55) cross bullish. So Until the next update, farewell and stay safe.

Comment:

no signs of reversal but for those daring there is a possible trade