Let me ask you one thing: Do you really believe 'ETF postponed' is that much big issue that can make btc price go that much fast down??? My answer is absolutely "NO"
Then,
Why it goes down so fast? I do consider current situation as "ETF is already approved and whales want to get as many as coin, before THE ANNOUNCEMENT"
So, the announcement might be delayed as much as possible until whales get enough BTC Of course there is a time deadline, but it will be in this year. (Personally I do want "ETF declined", cuz I want to buy 5 BTC with 10K. It will be awsome! :D)
Because of my assumption above, I do recommend you to get into any position with very conservative perspective let`s look at closer
I count $6,125 as end of wave iii in purple wave. So, it might go up $6,500~$6,650 and going down to $6,000~$5,950 which is my buy zone. Frankly speaking, I have very little basis that support $6,000~$5,950 is (short term) bottom. -psychological level, normal support level, etc...
So, It is okay to just short around $6,500~$6,650 like me or just step back, take break and get into position when you have more information
But, If you have watched my postings in last 3 days, you know I have done very well (I made nice profit with only long position even if in this bearish market)
"BTC potential Inverse HS pattern,bottom 5.2~5.5k?!" by trader Turningmecard — published August 10, 2018 — TradingView - I quickly imagined this and posted! I want this scenario to be invalidated though...
Turningmecard
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i think btc has a chance making a bear flag with 6360 top, daily has not hit 30 clearly, still bearish on every indicators. i am risking and buying shorts now 6320~50/and will buy upper levels if it shoots upt to 6380 and 6440 heavily, this do not go 6500 today, i think this has another leg down to 5.8 area, where we will see a bounce. lets see how it goes.
@Undertable, yes i think so too. Indicators are too oversold this really needs a bounce at any point at least 300~400dollars..
Turningmecard
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@Undertable, i got worried about a squeeze, i sold my shorts at 6220, and opened shorts at 6470, scalped and sold it at 6388!. i could have gone dead....i knew this would come, especially at that 6219 spot, that spot makes so many squeezes!
I quickly imagined this and posted! I want this scenario to be invalidated though...