The white arrows represent the lowest points or close to low points for BTCUSDSHORTS in Bitfinex and as per the last 11 instances in the last few months, anybody going LONG there will be a bad trade. The shorts are once again close to the bottom, so I believe there is a higher chance of the price dropping
This chart shows the BTCUSDSHORTS and I marked the 11 bottom points since May'18 with red thumbs-down image in the blue zones
We are also tracking the chart where the price is still in a downward channel and one more wave to go down as per EW (click image for details)
Comment
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Uh oh! Shorts reaching our unsafe zone
Longs are dropping (taking profits and closing) quickly
This time the first level shorts did not cause a drop in price, happened once or twice before. I still maintain skepticism as we are going into the bottom blue zone.
I think we going to get H4 C up just a matter of time. BTCUSD H4 Correction up. Checkout the idea detail's and all the update's for the complete picture.
imkeshav
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@Boon2, Thanks. I see there is a possibility of a wave C going up to 4800-5200. But BTC always made LH after every rally in this bear run, do you think it will be different now?
Boon2
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@imkeshav, Yes your right, there is the chance that the internal wave C up doesn't break above wave A like in the first X as a contracting flat but no one will know that in advanced and if that happens it will most likely be a breakeven trade at worst. Were getting nice bull flag on H1 so I think more upside is imminent at this stage.
imkeshav
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@Boon2, Thank you for the comment. You are right that even if it does like that, it can be break even trade. Good point. BTW H1 means the hourly timeframe? Also is this the flag you are talking about?
Boon2
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@imkeshav, Yes I defiantly don't think it's a trade anyone that trade's BTC should miss, Who knows it could be the bottom and there's no Z down. But I still think Z down will happen after the correction.