I hold a short position. My current post is a continuation of my previous analysis. In that analysis I explained why I closed the long position. I also explained why my trading direction changed in the longer term. I would like to note that I was and am always very optimistic about crypto currencies. Therefore, as always, I expect a further sustained rise after a significant fall. I still expect the current decline to be around $10,000. This could be fulfilled in the event of a further fractal
move in bitcoin
. The current chart shows that the white D1ATR axis(which coincides with the axes that can be broken by the falling peaks) has once again provided serious resistance to further upward wave sequences. This axis is a critical point in the current move. In the event of a strong move away from the axis and into the area marked by the red square, the sell pressure could strengthen there, accelerating the fall. Otherwise, if it bounces back upwards from the red square boundary, the scenario just outlined should be discarded and a long position taken. Under current circumstances, I will hold my short position and wait patiently.