System_T

Bitcoin bearish fractal Jan 2018

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System_T Updated   
BITSTAMP:BTCUSD   Bitcoin
This is another top signal for Bitcoin that occurred in January 2018, similar to the bearish pattern found in July 2019 below.

The bounce over the last few days could be just a three-wave ABC retracement pattern back to the Fibonacci 0.7 level. This fractal suggests that Bitcoin will start going down from here until the halving. If it cannot surpass 73K USD in the next few days, the chance of this fractal playing out will increase as traders will treat it as a lower high.

Comment:
Bitcoin was rejected at USD 72K today. If it starts bleeding from here in the next few days, the chance for this fractal to play out will increase.
Comment:
Let's hope Bitcoin does not close below $60K USD, or else it will be big trouble for it this month.
Comment:
Bitcoin will likely continue moving sideways until the halving. The best course of action now is to stay away, wait, and see. The market will likely be very choppy in the coming weeks.
Comment:
If Bitcoin closes below 60K, it will go to 50K.
Comment:
I started to scale in from 57K to 50K area.
Trade closed manually:
Every market is very bullish. Bitcoin is no different. Liquidity injected big. Closing this idea.