MarcPMarkets

BTCUSD: Lower High Formation In Progress. Watching For 7335.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD update: This market is in a slow grind right into a resistance area . As I wrote earlier on S.C., it may look inviting, but only if you want trouble.

The 7896 resistance defines the bearish reversal zone which price is just under. If price is going to fake out, it is most likely to do so near this area.

The more attractive area is the 7335 to 7213 minor support which is the .618 area relative to the current bullish swing. We don't know if price is going to retrace back here, but if it does, we will be looking for bullish reversal candles.

In summary, just because price is moving slowly higher does not make it any safer to enter. Let the market present a sensible opportunity. The worst thing you can do is force a trade. We have been reiterating this idea over and over again over the series of new articles that have been coming out. Wait it out, a more attractive reward/risk opportunity will eventually appear.
Marc Principato, CMT |Author: Analyze Any Financial Market Like The Pros Using Price Action| http://www.Priceactiontraders.net | Cofounder http://www.seekingcryptos.com (S.C.)





Experience shown in factual text. +1
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Marc, I think you nailed it. We are definitely on a retrace back to 7300 before the bulls attempt another try to break the previous high over the short term. The main concern now, however, is that we have a breakout from the giant triangle to the downside again so things don't look good over the long term.
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The waves are not very pretty. 3 options in this chart I posted on thursday. I'm leaning toward the red count. What do you think?
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I think i'm kinda guessing the movement.
Push the play button and check some updates.

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I`d say 0.5 fib ($7400) should be a good entry
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7896 resistance based on what information ? Lucky guess or based on establish pattern? I usually like your articles but this one seems odd a bit.
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Amit26 SpaceCatZ
@SpaceCatZ, 7896 is based on previous support/resistance. See the chart.
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@Amit26, This is not how it works. We are not talking about stock market we are talking about Crypto. Previous support was 8050 not 7896.
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Really enjoying all the articles on the site. Perfect balance of advice and teaching. Staying patient with this market and letting things unfold first.
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What about a short now with a stop above the resistance, it's a fairly reliable pattern for a drop and here are TP's all the way down to 7200?
Ladder buy up from now to 7900
SL - 8100
TP1 - 7500 50%
TP2 - 7350 30%
TP3 - 7200 20%

Trailing stop may be an idea as when it bounces it will likely continue up to 8500 and this will be a good entry for a long trade.

It may dip lower on this cycle and may follow a Wyckoff to below 6500 but the RR isn't there for that trade imo as that would require an early break of the big triangle and the LT trend line and it's more likely 7000 holds for now.

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