Btc is currently in a bull flag which should take it up to the 8500 fib where it will get wedged against the downtrend line and find heavy resistance. This will cause the ascending wedge to break dropping us to at least the .5 fib. You will have to watch price action at the critical levels to determine how far down we will go. If we break the bull flag, then we could retrace pretty far down, we will have to watch price action. If we break the downtrend line then the ascending wedge will most likely fail and break upwards.
Long then short for now.
Long then short for now.
Comment:
Both targets hit, a lot faster than expected. Note that both points hit a little out in front of their respective fibs and I generally take profit a bit early because of this exact situation. We could very easily go back up and cleanly hit 8500/downtrend line as well as 7750. I do think this is a spot where we could range for a bit between 7900 and 8400 due to the 200ma before cleanly falling to 7700. I am going to be careful reshorting anywhere besides 8300-8400 because I do feel like the whales like to chase stop losses and could push us passed the downtrend line for this reason. I don't want to be herded but I also don't want a stop loss too far passed the downtrend line. Game theory at play, gl.