filbfilb

BItcoin: Downside Risk Plan.

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin Failed at its attempted adam and eve meme reversal yesterday - was pretty clear in the OBV breakdown and now we have the POC lost and acting as resistance.

I am short from yesterday, looking for sub $7k prices before closing.

Logic is that although middle of the range there is quite a clear AB=CD objective to around $6800 which is also the 78.6% fib level.

If/when this target is reached i will start looking for buying opportunities; emphasis on "looking" as opposed to blindly entering - would like to see some bullish divergences / double bottoms before laying on any USD risk.

There is a distinct similarity with the bottom at 3k - i've attached the chart because the setup is identical and it played out as planned last time, but there was a similar scenario at 8k so ill want additional confirmation.

There remains a possibility that the very bottom of the range may be tested and if the bounce is too weak to break the diagonal resistance or non existent at all, lover prices should be expected. At this stage i do not favour this scenario but its certainly a possibility. Despite this, the rare OBV div on the daily and the persistently negative funding implies that we aren't all that far away form the bottom IMO.

Overall i am bullish pre halving its just a matter of trying to micromanage the mid term optimal entry.

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filbfilb
Comment: Heres the chart i reference.. Dja-vu or what.

Comment: So on the basis of that PA clould end up looking something like this

Comment: This idea will most likely be invalidated on a close above $7400 from a short Point of view.
Comment:
Comment: 6800 reached. Longed @ spot.

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