Rebound complete, BTC to resume downtrend. Target sub 260

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The retracement from the 255 low seems to be completing at the moment, an ABC correction should be expected at this point. After this, we will resume the decline towards sub 260 prices to retest the lower trendline of the big descending wedge .

After the first corrective leg down (correctionA) there will be a correction to about 50% of the fall, this should put the top of wave B at around 292, which presents a nice opportunity to open (leveraged) shorts...

Good luck to all!
Nice chart. Perfect planning right there. I bet you made a killing.
The dump has begun, prepare for sub 260 prices.
+1 Reply
You nailed the "A" area. Good work!
moker-X ChartArt
Thank you I appreciate your compliment. Time to open shorts or die trying....
ChartArt moker-X
Uptrend is resuming right now here at $290 with $282.01 as defined bottom.
moker-X ChartArt
Hmm, I dont think the 255 bottom was THE bottom. I truely believe we are in a regular correction before resuming downtrend, so I' ll stick to next analysis: Coming 4 daily candles will be red. Next week we will get an epic rebound from a low of about 240 (which will be reached by weeks end)...
ChartArt moker-X
And two Heiken Ashi daily candles are green so far. One yesterday and the current candle.
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