BTC/USD - Short Term Price Action & Levels to Watch

I have decided to post this as a separate idea. You can visit my previous btc 4.63% analysis in the related ideas below. They are still relevant.

- It is my opinion that the current upward move is an ABC correction to the upside in a downtrend.
- Candles are now showing signs of reversal at 1:1 A-B ext
- This price level is also a . 618 retracement of the bearish impulse waves. Confluence at key zones with high possibility of reversal.

- $10,178 is 1:1.618 A-B ext. Which may serve as next resistance should the price continue to rise.
- For these reasons, I will not be opening new long positions until we close above all these levels.

*Repost with indicators removed.

Comment:

- Another point to add: C wave now falls into the proximity of the 4th previous subwave. Another region where reversal occurs. Higher degree of confluence = higher confidence of further movement to the downside.

Trade active:

So far so good. A thing of beauty.

Comment:

I am rather convinced that we are going lower now.
But for confirmation, we should wait until a close below $8198.

I hope this post has either made you profit or saved you money.
Much love!

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Comment:

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