Bitcoin Bigger Picture, it's still very BEARISH

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar

Bitcoin is going through Wave (3) of Wave C, this Wave C starts from Feb 2018 and will not end anytime soon, probably not this year. I think this Wave C is part of a Wave IV cycle, as the Wave III top is $20000. When Wave IV finishes, BTC could rally up to $130000 in a couple of years, I will explain the mechanism of this potential rally later, in another idea article.

For now, it's time to margin short, or wait for lower levels of entry if you're not into margin trading. Margin traders should be careful though, $4600-5000 offers strong support and a good base for powerful short squeeze, protect your profits wisely.
Trade active: BTC is approaching the top of short term descending channel, it's a good spot to start shorting here. Price target is $5200-5350.
Trade closed: stop reached: Trade manually closed yesterday, stop loss reached. BTC has broken up from the day chart RSI downtrend and short term descending channel, however I still believe it's in a bigger week or month level downtrend.
Looking for overbought conditions on day chart to start shorting again.


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