Bitcoin is continuing lower and follows the path ( tends to better follow the path during downside phases, hmm… Cycle from 8,900.90 high is still in its first sequence with purple -2- in place at 8,500.00 high and while below this level, we should see 7,699.11-7,510.10 equal leg area before a bounce in a corrective 3 waves that should fail below 8,900.90 high.
I don't like to sell here of higher and would rather position long lower (for swing trade as this is what I do). For those shorting in 15min, respect the levels and stops especially when we reach the first equal leg (truce zone)
Now, we will have to look at the structure closely and watch the level in the 4h as 6,427.16 is not so far anymore and overlapping of equal leg area and invalidation level is always tricky. Caution.
Invalidation level to the downside is 8,900.90 in 1h time frame
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 13/05/2018-19/05/2018, I propose BTCUSD
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
I don't like to sell here of higher and would rather position long lower (for swing trade as this is what I do). For those shorting in 15min, respect the levels and stops especially when we reach the first equal leg (truce zone)
Now, we will have to look at the structure closely and watch the level in the 4h as 6,427.16 is not so far anymore and overlapping of equal leg area and invalidation level is always tricky. Caution.
Invalidation level to the downside is 8,900.90 in 1h time frame
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 13/05/2018-19/05/2018, I propose BTCUSD
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
View unchanged. sequence from 8,500.00 reached 61.8%078.4% extension of cycle from 8,900.90 so green 1 could be in place (monitor the RSI trendline in 1h). Anyhow, there should be more downside to come as per 4h chart. Invalidation level to the downside is 8,900.90 but 9,948.98 should be our reference here
I don't like to sell here even though I expect lower.