docholliday

btcusd downtrend correction - break or continue

BITSTAMP:BTCUSD   Bitcoin / Dollar
237 12 8
sideways move looks corrective - will need to break out.. or one more drop in the correction..
looking more like sell set up coming on break of upside channel - may be soon
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daily structure and 240 are looking way more corrective for downside -- spike I was looking for is not going.. may want to take profit here and get out or look for sells soon ..
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may look for a deeper pullback to the 382 or 50 fib area and then look for another buy.. lets see..
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Interesting chart on this pair for those that are wave (elliott) traders -- we may be looking at formation of an Expanding Diagonal structure and there was a nice triangle for the continuation pattern to upside we can see before. These structures are looking very nice for those that follow EWT.
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if you got this add on - get to break even now -- beware of possible 3 wave more complex correction -
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getting a 60 min flag to add on to buy.. do not think it is ready to go yet.. so watch it..
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Nice chart. Happy it broke to upside! :)
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remember on the daily we are looking for another impulse up.. target may be around the 800 area..
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docholliday PRO docholliday
so dont worry if not in yet.. there will be a way to get in, is this the start of that impulse? looks promising..
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hope some of you got this! Moving stops into profit -- if you are not in at this point, wait for a correction/ consolidation before the next buy! Happy trading!
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