elevatedinvestor

BTCUSD Consolidating As Friday Approaches - How To Play It

GEMINI:BTCUSD   Bitcoin / U.S. Dollar
I apologize for typos in advance.

If you read my prior analysis on BTC with the Daily chart you'll see that my current bias is Bearish as long as we are under September's high

With that being said, we are starting to see some widening in price. (orange)

The fact we made a slight low, the exploded up, only to trickle back down again could me there was a heavy unloading of profits.

I'm look for one more high. I would like for that high to remain under August's liquidity spike that pulled peoples stop losses.

If price breaks 11250 before making a new high we could be beginning a bearish move down.

Target one is a 38.2% retrace but we could drop as low as $8k

One more move up would complete a bearish bat pattern as well.

STATUS : WATCHING....

Be Patient! The market moves at it's pace, not yours!
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Comments

very nice analysis, thank U!
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@mrgr888n, no problem, a break of 11400 should confirm bearish
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mrgr888n elevatedinvestor
@elevatedinvestor, not 11250 but 11400? ok, got it.

and could U please explain how to measure targets by retrace if we'll turn bearish?)
Reply
@mrgr888n, because 11400 was the most recent burst of energy. BTCUSD looks bullish now, I'd disregard this idea
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