Swordth
Short

Bitcoin looking bearish short term

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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Seeing a nice 5 wave upward trend on our current bull run. The 1.618 fib extension is the ~13,000 dollar range, however I don't see us hitting that because:

1. Stoch is oversold.
2. OBV is falling
3. We haven't broken wave 3 high yet, and I don't see the volume for it.
4. Bears are probably hungry to push us back under the major resistance line.

Instead I see a 5th wave completing soon, and then an ABC correction hitting the 8000-8500 region.

My position: selling now, and laddering buys in this region. If we get an extended 5th wave to the 13,000 region, I will likely have a buy back opportunity after it corrects there (even a bullish 0.382 correction there puts us at today's current price.

DISCLAIMER: I'm wrong sometimes, but am willing to take the risk to put myself out here and make bold claims about the direction I think we are going. I don't waste your time with "If X then Y, if W then Z, maybe this maybe that", followed by "SEE! I told you, and I was right. Worship my TA!"
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