tyncho.cba
Short

Bitcoin: Last call!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hey there...after few days watching BITFINEX:BTCUSD we can see the market very calm last hours. And in this case, we have some confusion about where this is going to go. Ussually when you dont know where you are, is because you are into an elliott wave 4, or a triangle.

Right now, i imagine a descending triangle 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!

Hello Tincho,

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.

Cheers,

Kevin
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tyncho.cba KevinPocovi
@KevinPocovi, yes thank you! i know that, buy i just considering more long term, the pink one to, and elliott wave / fibonacci relations. thank you!
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