Peppered Chop with a side of Downward then Upward Bias?

OKCOIN:BTCUSD1W   Bitcoin / Dollar Forward 1 Week
371 7 4
I think we may still be forming a large wave B bear flag here so can expect more chop in the short term. I don't think we're done going up yet as any sell offs we've seen since the lows around 232             have been on very low volume and lack any impulsiveness. Accumulation has been ongoing according to daily CMF             and the trend is still unbroken. Unless we see sell volume pick up considerably around here, i'm just looking for a small pullback to the lower end of the channel before we get the final push up to complete wave c of B and then the last leg down to the test lows

For the record. I'm holding shorts from 1615 on and intend on keeping them until i get confirmation of any support around the bottom of the channel
imo (purely that!) I am wondering if we retrace all the way to 245,....but the upside target at 275 is an ideal in my view! Thats right about where the 7D DL is and seems like a great target for this leg up.

Love this chart btw, very clean :)
Hey Danny, thanks man. I know where you're coming from, 245 feels awful deep to me too. I'll be watching this close as it develops. In fact it may be showing signs of support atm, im loving that 7D DL yeh :)
+1 Reply
hehe 245 it is! definitely disappointed in that drop the reversal was looking promising from 245 - 265. Oh well. Under 250 invalidates the daily reversal and under 240 the weekly reversal. So under 240 I expect we'll see some serious downside potential.
Jameve SPYderCrusher
Not a surprise to me ;)

Don't doubt the bears
SunnyBTC PRO SPYderCrusher
Not a good day for btc. Want to see it drop into a decent capitulation level now. Really want to test that 180 low tested so we can form a solid bottom (*or not!)
looks like you profited from your shorts... :)
Yeh i'm looking at this now...
Oops BTC. 78.6 is incoming, hold onto your hats
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