Hello,
No big analysis, just trying a new trading style. Demand has turned into resistance, entered after some nice upside wick rejections and a lower high set. Targeting lower TL.
I have found that while the outer channel contains price relatively well, a tighter channel seems more appropriate.
This is getting into difficult territory to be short, as by my count, a plausible completion of wave C down was 17,600 and we are just trying to establish support for a more higher. It will be a bit choppy for a month or two as price tries to break above EMA resistance that then becomes support. Maybe 60-90 days of that coming up.
Medium and long term bullish on BTC.
Good luck and protect those funds.
No big analysis, just trying a new trading style. Demand has turned into resistance, entered after some nice upside wick rejections and a lower high set. Targeting lower TL.
I have found that while the outer channel contains price relatively well, a tighter channel seems more appropriate.
This is getting into difficult territory to be short, as by my count, a plausible completion of wave C down was 17,600 and we are just trying to establish support for a more higher. It will be a bit choppy for a month or two as price tries to break above EMA resistance that then becomes support. Maybe 60-90 days of that coming up.
Medium and long term bullish on BTC.
Good luck and protect those funds.
Comment:
Ok, now its dropping steeply
Trade closed manually:
Closed at or close to break even, I was wrong, protected any losses and live to fight another day. View still short term bearish