I have a hunch here that BTS might see some further losses while struggeling with multiple and compounding Gann resistances in the short term. I anticipate further correction to form a fat double bottom at the 38.2% fib level (around 8000-8004) drawn from its major pump, thus I still tend to favour the short side atm.
However, from this second go at the 38.2% fib level we should find support again and thus see a solid leg up, with some resistances along Gann lines, fib speed lines, and former support and resistance zones (blue dotted lines). Please note that the ghost feed - especially the trajectory of the anticipated leg up - is purely imaginative.
I have no position in BTS atm but consider to enter long as I find the fundamentals of BTS assuring in the medium to long term, even though it has copped a severe flogging lately. No advice, ensure due diligence. I record this analysis purely for posterity.
Happy trading everyone.
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Long entry order triggered at 8006. Let's hope that this doesn't go pear shaped beyond the 38.2 fib level.
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The majority of indicators I use here suggest we might have indeed bottomed out. Let's see how this develops.
Good luck to everyone in the trade.
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We formed a nice morning star. Fingers crossed it delivers.
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Common BTS, you can as well admit that you've run out of options, there's no shame in that...
Trade closed: stop reached
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I exited position at 7912 seeing the BTC correction coming in.