Tight range trading on Bitcoin lately with too much overlapping, most likely a triangle but it can easily be a complex second wave.
Chances for a bounce as shorts are approaching ATH levels.
CME gaps, inline with 2/3 targets.
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Will be keeping the bullish bias as long as the retracement is internal. apart of being 1-2 of the 3rd/C wave it can now be a leading diagonal targeting 70xx.
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apart from*
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.887 retracement is right at the developing POC @ 6.3k, that's way more often a 2nd and not a 4th wave. Bouncing there will invalidate the diagonal structure, although still possible theoretically.
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There are many alternatives here so the recent low could be taken out and bounce (or not). If you are uncertain, dont trade OR trade with an SL on where you think you are wrong.
The good thing is that there are no 5 wave impulsive moves down (yet) so this could drag into endless sideways 3s combos.
Market participation is low, volatility is low, this could go either way soon.
Mid/Long term targets to the downside are ~6k and ~5k +-200. Now, if you think it will go even lower, chances are that you are a self proclaimed time traveler.
Trade closed: target reached
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First one. Precision.
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Keep an eye on them, about 50% of Finex longs have closed.
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Im still in my long since i expect it to range here and it has at least a little push( doesn't have to make a new high). Futures gap is still "unfilled" since it got filled during the weekend. Its unlikely to see a drop today, but you never know.
All three targets hit, watch for a potential top at ~7550.
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I keep forgetting posting here, you should check my twitter once in a while. Its probably bearish, im still on the long, will reevaluate on a potential bounce ( if it ever happens), no hedge short since it was front run.
looks like orbit won't be achieved on this next launch is what u're saying!
Acel
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@TomPower, yeah. You cant make a bullish case just yet (without a bounce). Maybe the whole correction is a triangle (and the lows will hold) but the last decline after the mini run is clearly impulsive and not corrective.
pkb6698
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I am seeking advice on my ideas below from traders in various countries. I would like to ask your advice.
And what do you think about the CBOE's ETF at the end of September and the BAKKT Exchange launching in November?