BTCUSD M15 Expanding flat, More downside to come.

H1 we don't have divergence so there's a strong possibility of more downside.

M15 I'm looking at it as a bearish running or expanding flat, Price action suggesting a expanding flat and that's the preferred short I would like to take as it has better RR.

There is a buy scalp setup that could play out for the expanding flat but it's risky, the larger impulse is to the downside at this stage.

If you get a sell setup against the invalidation point on the lower TF's for the running flat you can take it, 1st TP 123.6fib.

TP fib level's will change depending on where wave C up end's.

If we get the expanding flat or a more complex structure I will update the idea.

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Comment:

BTC Getting pretty tricky, I think were forming a more complex correction. There was one opportunity to take the running flat sell but it was pretty risky going off the price action it's been giving and I didn't take the trade, I wanted the expanding flat. If your in the sell move to at least BE, Price action is suspicious and the correction may become more complex, simply the C down not looking impulsive.
What I would really like to see now is price at least break the low so we can start looking for buy's, If price doesn't break the low were in a more complex correction for more downside.
I haven't changed my count at this stage but will update this idea when I have more data. If your not in a trade, Stay out, There is no buy or sell signal at this point in time. If your in the sell move to BE

Be patient and wait for the next setup!

Comment:

Here is the possible more complex structure I'm looking at (see pic), If price breaks the low from here all good, I can go with the running flat even though I don't like it much but at least we can look for the safer buy option.

At this stage as I mentioned in my last update there is no buy or sell setup, were in a larger correction on M15 and only experienced trader's should attempt to enter the market. Corrections are slow and choppy, exactly what were seeing and new traders get cut to pieces attempting to trade more complex correction's like this!

I'm not like most of the top authors that I see here where they put out a D1 chart idea everyday so they make the top in the ranking's on TV, one minute calling for the top to be broken and then when the low get's broken they say " I told you so or the market's manipulated etc, etc. . My D1 analysis Idea hasn't changed since the very 1st analysis I did on BTC on TV. a couple months back calling for the bottom to be broken. The D1 structure is sound and will probably take a couple year's to play out!

I'm a trader not an investor. I put out ideas with the probability of playing out both long and short on the lower time frames and those that have been following me for a while have seen some of those nice setup's play out. If your more of an investor looking only for the D1 internal C up (see my D1 idea) you can still follow me, we will get that buy opportunity eventually or you can follow those top TV BCT idea guy's where they get thousands of view's and a heap of like's telling you it's a great place to buy on every idea and accumulate position's or you will miss out, adding to loosing position's day after day.

Sorry for the rant but if it save's one person, one person see's the light that there's a big difference between a trader's analysis and a marketer's analysis, one person see's that adding to loosing position's is a good way to loose all your money on a hunch I will get more satisfaction out of helping one person than getting a couple hundred likes on my idea!

Be patient and wait for the next potential setup, I will update you guy's when I see something more interesting.

Comment:

Since my last update price has continued to push lower and looks like at least one more down with the possibility of a bearish expanding flat forming. I don't see any buy setup's at this stage and would like price to break out of the structure before looking to buy in either the larger M15 C up or the larger D1 C up.
Experienced trader's can look for the sell scalp but I'm neutral and not really interested in risking the sell for what could be the last little piece down.