Right now, i imagine a formation, doing right now the C wave to 7300/7400, then again a new approach to 6600/6700, finally another try to 7100 zone, to break out down to do the final and new low for BITFINEX:BTCUSD
Where do we wait it? 5700/5500, and with low probability in 4500 zone.
How we will operate this?
I will try a short in the final wave (E), in zone of 7100.
Then we will place buy orders:
6000: 15% capital.
5800-5500 range: 25%
5500-4500 range: 30%
The rest of the amount is to go with the new bull trend confirmed.
If we break in any time the resistance line of the triangle, we can place buy orders too. And stop out shorts of course.
Have a good trade! And remember, this is just an opinion, not a recommendation!
Nice analysis, although you are not taking into consideration a major trend line that extends from March 5th's high to March 24th's top. This same trend line was unsuccessfully tested by BTC and therefore caused the recent 500usd decline in price. Hope this helps you.