Good news! 8300-8500 BTC within a couple of days
This modifies my previous analysis by just a few days.
Same direction, same price range. We are right now starting to conclude the corrective stages of of our major ABC, intermediate ABC, local ABC and short term ABC... And they ALL point to the same thing.
Coming out of our local ascending channel, expect the price to correct to the .618 fib @ 9000, and retracing back up to about 9300... Which may put us in another some sort of short term continuation trading pattern briefly, followed by the full correction to about the 8300-8500 range.
IF you're wanting to make a play to short down to that price range and then long, I suggest waiting for the last 3rd drive pattern in our local parallel channel @ 9800, which I will be shorting at a riskier S/L @ 15x, which should provide liquidity protection to above 10k which is highly resistive and I don't think I'll have to worry about getting liquidated.
Once again, MA 200 on daily suggesting the time has run out for BTC to make another attempt at 10k for now until the correction is over as the much larger ABC pattern, the MA 200 and a trend line that runs directly through it all is forcing it to obey sooner rather than later. Essentially, time has run out for BTC to make more moves to try to overtake 10k and corrective forces have pressured a move down.
Not a lot of times can you catch BTC with its pants down, I suggest taking advantage of this opportunity to both short down to 8500 range from 9800, then enter a VERY safe (low S/L) long back to the top of the larger trading pattern.
IF you want to play it safe with the long from 8300-8500 range, I suggest letting prices prove that the ABC correction has indeed ended. It will be a VERY choppy next few days ahead.
Same direction, same price range. We are right now starting to conclude the corrective stages of of our major ABC, intermediate ABC, local ABC and short term ABC... And they ALL point to the same thing.
Coming out of our local ascending channel, expect the price to correct to the .618 fib @ 9000, and retracing back up to about 9300... Which may put us in another some sort of short term continuation trading pattern briefly, followed by the full correction to about the 8300-8500 range.
IF you're wanting to make a play to short down to that price range and then long, I suggest waiting for the last 3rd drive pattern in our local parallel channel @ 9800, which I will be shorting at a riskier S/L @ 15x, which should provide liquidity protection to above 10k which is highly resistive and I don't think I'll have to worry about getting liquidated.
Once again, MA 200 on daily suggesting the time has run out for BTC to make another attempt at 10k for now until the correction is over as the much larger ABC pattern, the MA 200 and a trend line that runs directly through it all is forcing it to obey sooner rather than later. Essentially, time has run out for BTC to make more moves to try to overtake 10k and corrective forces have pressured a move down.
Not a lot of times can you catch BTC with its pants down, I suggest taking advantage of this opportunity to both short down to 8500 range from 9800, then enter a VERY safe (low S/L) long back to the top of the larger trading pattern.
IF you want to play it safe with the long from 8300-8500 range, I suggest letting prices prove that the ABC correction has indeed ended. It will be a VERY choppy next few days ahead.