Nickonomics

Bitcoin (BTCUSD): Correction Warning and Levels

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Previously, we entered a long position as part of "buying the dip" strategy. The trade was marginally succesful, as it didn't reach the second target of $16 147:

Forecasting
This time we are looking to capitalize on the next leg of correction, which began on Dec 8. If this correction progresses (yet to be confirmed), it is likely to take the form of either Flat (3-3-5) or W-X-Y (3-3-3), and push the price down to $12 800 and below.

Trading
The trade setup is based on Andrews' pitchfork . Break below $14 000 will activate it and set the first target near $12 800.
Comment: The selling intensifies. My BCHBTC alert has also been triggered. I may publish it soon here or @telegram.
Comment: BTCUSD closed buy take-profit order near 12 800. As long as price stays within the Pitchfork, short-term downtrend remains intact, so watch it. New sells possible soon.
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It just broke 14443 resistance...
+1 Reply
@CryptoSr, It did briefly. Correction phases are very tricky, so you can expect false breakouts.
Reply
Hello!
To what point (value) can there be a fall?
Thank you.
+1 Reply
@Alex_555, Market direction now is unclear. If price break below 13 600 again, it could go to levels drawn on the chart: 12 000 and 10 800.
Reply
Maska_R Nickonomics
@Nickonomics, Thank you.
Reply
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