This is not financial advice and should be treated as opinion only!!!
Lets get it.
K guys. I'm calling a SHORT of BTC incoming. I cannot guarantee the accuracy of this call, but if you go back through history in any significant downtrend and you find evidence of this throughout.
you have to catch the right time frame and moving average combo in order to anticipate this. Here I am relying on the 45 Min chart as my anchor.
What you often find in a downtrend is a respect for the moving averages. Often, the 9 keeps it pinned back until a consolidation phase. Then it tests and breaks the 9, pushing through the 21. But once the 21 is retraced into, it becomes the resistance.
What happens when the 21 becomes resistance before the second drop is it shoulders and then proceeds to fall. I believe we are in that phase soon. on the 45 min chart we have now been rejected. Counting EW is not my strong suit but I believe that the ABC correction is in for our full first wave down, or will be soon. If you target the ABC we only retraced to the .236 level. A little sketch, as it should and most often hits at least the .382.
IF this is wave one of overall structure, there is a possibility that BTC could seek out the $4700 range in the next move. This would be a 1:1 of the first move down. In case wave 1 was actually a much smaller move before the sell off (good possibility) targeting the .618 extension of this larger structure would be a safer move. Target would be around $5100 if this comes to fruition.
Could be wrong. But this is the play I am anticipating.
Thanks for looking.
Post up that feedback
Lets get it.
K guys. I'm calling a SHORT of BTC incoming. I cannot guarantee the accuracy of this call, but if you go back through history in any significant downtrend and you find evidence of this throughout.
you have to catch the right time frame and moving average combo in order to anticipate this. Here I am relying on the 45 Min chart as my anchor.
What you often find in a downtrend is a respect for the moving averages. Often, the 9 keeps it pinned back until a consolidation phase. Then it tests and breaks the 9, pushing through the 21. But once the 21 is retraced into, it becomes the resistance.
What happens when the 21 becomes resistance before the second drop is it shoulders and then proceeds to fall. I believe we are in that phase soon. on the 45 min chart we have now been rejected. Counting EW is not my strong suit but I believe that the ABC correction is in for our full first wave down, or will be soon. If you target the ABC we only retraced to the .236 level. A little sketch, as it should and most often hits at least the .382.
IF this is wave one of overall structure, there is a possibility that BTC could seek out the $4700 range in the next move. This would be a 1:1 of the first move down. In case wave 1 was actually a much smaller move before the sell off (good possibility) targeting the .618 extension of this larger structure would be a safer move. Target would be around $5100 if this comes to fruition.
Could be wrong. But this is the play I am anticipating.
Thanks for looking.
Post up that feedback
Comment:
C wave looks to be in. Still shy of .382 level but will monitor for accuracy and adding shorts on strength of the trend.
Comment:
Like I initially stated, i was unaware of if the C wave was in or not. I was following closely. Time frame looks pretty spot on, however. Lets see if we can hit some targets