EuroMotif

BTC might be topping for now? 7409.24 gdax the top?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Just a fib wave that I have been following since the bounce started.

I first bought in at 5950, per this plan:
I have been closing pieces of my long position above the 7100 price, and each fib it hit above that price.
I am thinking it in nearing end of cycle, and getting ready for a correction.

Let see what happens at 7409.24, a 9.618 extension of the initial impulse.
It was approached and rejected at 7402, so it might now blow through the 7409....

Comment: Wow, guess that was indeed a top (temporary?) I am now plotting retrace possibilities.
Comment: Nothing like the elevator down after the stairs up. This could go deeeeeeep!
Comment: This fib is apparently still valid!
Even after the massive pullback, the resonances are proving their validity
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Comments

yer strong resistance above, long term downtrend resistance + the .618 fib of the last swing both in the same spot. We were forming a nice ascending triangle but it seems to have failed and had a fake out.

On the flip side the shorts went crazy high at $7200, we're loaded heavy with shorts, any further up and it could quite easily trigger a short squeeze that shoots us straight up through the long term downtrend line, which in turn would trigger new buyers to come in.

Interesting zone, ive been out since about $7000 waiting for a re-entry
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