tshah

Mixed sentiment for BTC? Here's what you can do which is easy!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hey guys- looks like we closed the short at the bottom ! Now currently i am sitting in fiat and waiting for my next trade.

As of now the BTC has moved in a very predictable manner. Look at the channel . Market actually held the 53** levels which was very important. It did bounce but bounce wasn't strong enough to go long.

Even though- 4 HR TF looks oversold and ready for a bounce- we could see a potential quick drop to previous support 51** levels . I would only go long if this channel breaks and also the pink line which works as a buffer layer . Don't get to excited to go long as people now have again started drawing rockets- Market doesn't work that way.

I still definitely believe we have more downside to see than upside but i am ready for wave B based on elliot wave if that unfolds with the target of 59** levels.

If you are a daytrader- you can open a quick short at 5350-60 for 5130 as a target for a potential $200 move.( It's risky FYI)

overall on Larger TF= we are still bearish .

Questions are welcome


Comment:
Comment: break of the pink line the volume not worth it- still not long. be careful for a false breakout
Comment: IT DID BREAK THAT PINK AND BLACK LINE.

This is the new trade which i just posted

Thanks. I'll buy after the dump from 5730, it should touch the red line
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