BITCOIN - Short Idea Update - Looking For A Move Lower...
Up to this point, I've observed various indicators signaling an imminent downward movement. The sluggish progression is attributed to consistently low trading volumes on most weekends.
Despite the gradual unfolding, I want to share my perspective on the current situation. After capitalizing on profits from the corrective bounce, I am now anticipating a breach of the $41,620 lows. Such a breach would validate the conclusion that Wave E concluded at its peak, prompting us to prepare for an eventual downturn.
However, this downturn may not occur immediately.
My purpose in providing regular updates is not to invalidate the view just because a bounce occurred but rather to underscore the importance of comprehending market waves, particularly in a corrective range scenario.
This understanding can prove valuable in building capital during corrective phases.
Target: $41,620 with a stop at $43,745 or more aggressively at $43,490, depending on your understanding and confidence in the wave count.
A break of $42,542 should make the latter more meaningful.
Despite the gradual unfolding, I want to share my perspective on the current situation. After capitalizing on profits from the corrective bounce, I am now anticipating a breach of the $41,620 lows. Such a breach would validate the conclusion that Wave E concluded at its peak, prompting us to prepare for an eventual downturn.
However, this downturn may not occur immediately.
My purpose in providing regular updates is not to invalidate the view just because a bounce occurred but rather to underscore the importance of comprehending market waves, particularly in a corrective range scenario.
This understanding can prove valuable in building capital during corrective phases.
Target: $41,620 with a stop at $43,745 or more aggressively at $43,490, depending on your understanding and confidence in the wave count.
A break of $42,542 should make the latter more meaningful.
Comment:
If your making money off these trades, then please boost my ideas!
