See my previous comments on other charts. This chart claims short, but there is a likely pattern that takes us to $11500 then much lower. Overall short to $4500-7800 but expecting $6600.
I am definitely watching BTCUSDSHORTS and extreme sentiment. Orange line is BTCUSDSHORTS
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Nearing a short position, around $500-1K from here...from $10900. Short from $11-12K area. I think this is a bull-trap. BTCUSDSHORTS are EXTREMELY low....still...
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If this is the expected red (A)(B)(C), the (B) Wave could be in. BTCUSDSHORTS are still at an extreme low. Extreme sentiments are important, if you follow Elliott.
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It looks like we are moving up in 3 waves, indicating a possible small Ending Diagonal on the hourly chart. It could also be a 4th wave Triangle, if $11550 breaks down (yet $11250 holds) and continues sideways.
There is also negative divergence, indicating weakness.
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On track, so far, for wave (C) of 2 Circle. BTCUSDSHORTS are still extremely low, which is not indicative of a bottom.
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Failure to follow through on the downside could indicate we are forming an Ending Diagonal. Shorts are still very low.
Aug 22nd (9785) could be counted as 5 down for wave 1....Aug 26, wave 2 (10680) for a Flat. To keep this outlook, we should continue "straight" down.
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Failed on the downside: Still lower numbers as stated above. We should start down around current levels (11K) to the $6600 area. This is not the time to be long.
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From Aug 15th you can see an Expanded Flat up...a 3/3/5...the 5 that we are currently in now to around 11K.
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That may have been the start of this move much lower.
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If we were to take out the 11K area with strength, this could mean that $9359 on the 29 Aug was THE bottom. I don't think this is the case but we have to see further downside, with some strength, to rule this out. There are two possibilities with the current structure, up in a third wave or down in a third. The latter looks most likely.
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Ouch: Getting near the buy area but: 1. Have yet to see 5 down 2. BTCUSDSHORTS are still extremely low but slowly moving up....really slow but that could change in an instant.
My original preferred levels were $6800-7800. We are nearing $7800 now.
Trade closed: target reached
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To be safe, I would call this short done. The upside is just too great. I do expect lower numbers...but it's not worth the risk.
BTCUSDSHORTS are still WAY low...meaning lower numbers...
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Still no sign of a bottom...BTCUSDSHORTS are still WAY low. I will add a bullish chart when we see signs of a bottom or nearing a bottom.
Failed on the downside: Still lower numbers as stated above. We should start down around current levels (11K) to the $6600 area. This is not the time to be long.