proficy

BTC short until MA 200 support, low of 8800

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
126 views
2
I drew the elliot wave as it is playing out at the moment.
Currently in the leg 4 down untl we hit the support for MA200.

Then we start leg 5 up, has potential to complete a reverse Head-And-shoulders and rally upwards, can also find to much support for the bears and start a new down correction.
MACD also looks to converge and add to bullish sentiment at around the time leg 4 is complete.

First immediate target is 8800.
8900 should prove to be a buying opportunity, stop loss at 8650.
Real test when leg 5 meets MA200.
Comment: Some corrections, sorry first time:
Real test when leg 5 meets MA50.
Comment: This analysis is still valid.
Comment: Analysis still Valid, if we have selling pressure today, 8800-8900 can be reached.
Would advise to put the buy orders in around 8900 stop-loss around 8600 as that would be a clear break of trend.
Excepting a small surge from 8800 to 10200 and then we will have the real test for BTC, giving us direction for the rest of the spring season. it's 50/50 to me, would take money of the table at 10200 and see where this baby goes.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out