BTC double zig zag formation put next target to 11.1 - HL SHORT
Disclaimer: This is not financial advice
High leverage trading is all about entries, you need to have patience and to not let fear of missing out drive you into opening rushed positions. Map out your trades in advance and wait for the right entry. Our aim is to capture quick & safe profits, not to predict the future, this is possible only if we plan ahead and wait for a good entry. So if you're nervous and itching to open a position then take a few deep breaths and don't trade!
BTC's correction after the breakout to 12.5k doesn't seem to be over yet, instead of a simple ABC it seems to extend further towards a double zig zag figure. This means that, unless the figure is invalidated, we are headed for lower (lower than 11.1k). Other cues supporting such scenario include the fact that we also just broke daily support (dotted trendline in the chart) it is going to cut deeper than 11.2k (based on the properties of double zigzags). Ideal entry would be a retest of the lower trendline of the hourly channel marked in grey.
Entry: 11.7k-11712 TP1: 11.1k TP2:10.6k
High leverage trading is all about entries, you need to have patience and to not let fear of missing out drive you into opening rushed positions. Map out your trades in advance and wait for the right entry. Our aim is to capture quick & safe profits, not to predict the future, this is possible only if we plan ahead and wait for a good entry. So if you're nervous and itching to open a position then take a few deep breaths and don't trade!
BTC's correction after the breakout to 12.5k doesn't seem to be over yet, instead of a simple ABC it seems to extend further towards a double zig zag figure. This means that, unless the figure is invalidated, we are headed for lower (lower than 11.1k). Other cues supporting such scenario include the fact that we also just broke daily support (dotted trendline in the chart) it is going to cut deeper than 11.2k (based on the properties of double zigzags). Ideal entry would be a retest of the lower trendline of the hourly channel marked in grey.
Entry: 11.7k-11712 TP1: 11.1k TP2:10.6k
Trade active:
The short remains open, the formation so far is confirmed. We are now about to complete the first impulse inside the second leg (C) of the double zig zag. 11400 has proved itself as an important level, in fact wave 4 seems to have reversed there for now. This means that once we complete the current wave 5 (target <11130, yesterday's daily low), the first impulse inside (C), the following correction should retest 11400 before heading lower and reaching the final target of (C) which is projected to be around 10600. This count is invalidated only if we go back above 11712. Therefore it would make sense to move your stop loss to the break even point which should ideally be around 11700.
Comment:
Reference chart for the previous update
Trade active:
Closing 50% of my BTC short here. We might see a bounce. The rest stays open because the bearish zig zag scenario is 100% confirmed so far and it has actually become even more aggressive, so I'm placing the TP for the rest of this trade at around 10.7k. Stay safe & healthy and congrats to whoever made money today!
Trade active:
I remain short BTC, been waiting to see what comes and it seem like we have formed the first wave A in the second leg of the zig zag (C). Right now a flat correction since to be completing, specifically wave (c). I'm looking to add to my shorts in the 11500-11600 area, that the target for wave (c), with TP 10.6k which is the zigzag target.
Trade active:
Added to my shorts at 11544, SL 11700, TP 10700
Trade closed: stop reached:
Stopped out