TradingView
BitcoinBearSlayer
Aug 4, 2020 12:41 PM

Bitcoin - ABC correction ? Long

Bitcoin / United States DollarCoinbase

Description

I think it would actually be good to complete an ABC correction at this point. It would give all the indicators a chance to reset, fill the CME gap, and give us all a chance to back up the truck. :) You can see where the price broke and retested the yellow trend line and it would make since to continue down to either the 1.0 or 1.27 Fib. Of course Bitcoin does what it wants, when it wants. I already have a good long position but if the opportunity presents itself I will add more under 10K.

Good luck!

BBS out.

Trade closed manually

Comments
barhoc11
Falling below that $10,500 level that was resistance for so long will be pretty bad for the market to swallow. I hope this does not happen.
BitcoinBearSlayer
@barhoc11, If it does, they'll get over it.
More