BTC looks like it hit a bottom after LFG cleared out its $BTC reserves to defend its stability.
The momentum indicator if continues to curl up may produce a bullish momentum div, not yet confirmed. BBWP reading about to top out, no confirmation yet either upon crossover of its MA. EWT corrective target hit ~$30.7k from 1.272 fibs measured from late Jan. bottom to late March top. Not to mention we've hit the bottom of a fork
There are risk factors of this idea not playing such as:
If the trade does get stopped out, the next areas of interest for entry would be 23k if we close under $29.2k on the daily, invalidating bull impulsive Elliott wave since late June. The on-chain bottom is ~$27k, and 200W MA is ~$21K, both are also entries in the event of an invalidation.
Trade:
Entry:$30.7k
SL: $26.6K
TP: Hull MA ~$36k, ABC PoC ~$39k
The momentum indicator if continues to curl up may produce a bullish momentum div, not yet confirmed. BBWP reading about to top out, no confirmation yet either upon crossover of its MA. EWT corrective target hit ~$30.7k from 1.272 fibs measured from late Jan. bottom to late March top. Not to mention we've hit the bottom of a fork
There are risk factors of this idea not playing such as:
- BTC continues to correlate with trades/sp500 and drops alongside it as QT continues, and interest rates get risen from the fed.
- BTC has not retested the 200W MA
- Cyber security risks w/ regard to complete shutdown of power grids mining BTC and hosting/running many DeFi/L1/L2 services, with nations like RU/CN engaging in non-kinetic warfare. We've already seen RU disconnect intercontinental cables in the Atlantic. As the EU holds out on gas during winter, we could see more desperate measures/retaliation through new avenues in 5th Gen. warfare.
- Shanghai lockdown fails to prevent the spread of bird flu, potentially inducing another global lockdown
If the trade does get stopped out, the next areas of interest for entry would be 23k if we close under $29.2k on the daily, invalidating bull impulsive Elliott wave since late June. The on-chain bottom is ~$27k, and 200W MA is ~$21K, both are also entries in the event of an invalidation.
Trade:
Entry:$30.7k
SL: $26.6K
TP: Hull MA ~$36k, ABC PoC ~$39k
Trade closed manually:
Closing trade prematurely at 31.4k given the lack of spot volume at these levels, not worth risking volatility at NY open.
Trade active:
Reopened the long here ~28k. relief rally in the cards.
Trade closed manually:
Closed out, little demand here ~26k, will wait for confirmation
fortune.com/2017/08/...-stock-market-crash/
Coincidentally May 16th is the date of the start of the Chinese cultural revolution.
en.wikipedia.org/wik.../Cultural_Revolution