HamzaLeith
Short

Bitcoin-Short setup

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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Expecting price to drop to 5800 before a new impulse to the upside. More info on the chart.
looks like we could possible move up to 10k before coming down further. I dont think there's enough volume to push it up though
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hello. what's time frame?
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HamzaLeith dr.batzaya
@dr.batzaya, Hi there, it is the daily chart
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Still looking good. Do we have momentum to test resistance any time soon or are we going to continue downward?
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HamzaLeith jake93854
@jake93854, The way price is behaving...i’d say we may get to the 200 ema on daily timeframe in 2 days time...we will test the median line of the pitchfork, but after a close above it and reverse move..down. After that...consolidation. I don’t see us reaching 9k anytime soon...
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Looks like you are spot on with your analysis, great job
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HamzaLeith jake93854
@jake93854, Thank you sir :)
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This is logical TA. It's overdue for a real correction, and $9200 wasn't it. Realistically $7,000 give or take is where we need to be in order to see some more movement upward.
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Do you still have a real belief in a return to 5800?
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@Gloshawk, yes, the price is clearly correcting, the initial impulse move is over, expect a long time (months) in correction before a new impulse. As for 5800: that is where I see the only ratio confluence between the first two corrective downward moves, so it is the most likely target, however if that pitchfork/channel is broken to the upside earlier, then we can see a move to the upside earlier.
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