BTC short-term is going to drop from $42700 to $40k. Short

Bitcoin / US Dollar IndexBitMEX

Description

⋅ Dec 28, 2023 2:14 PM

We are in a bull market and through Dec 2023 clear a, b, c correction is being made.

Wave a and b are clearly done.

Wave c looks like a textbook ending diagonal pattern with waves 1, 2, 3, 4 already done and now we are in the middle of wave 5.

The drop won't stop until price reaches 40k level.

It's a good trade with a very high likelihood of success and amazing risk to reward.

$42700 is a good place to short with a stoploss at $43900 (above wave 4) and take profit 40k.

Comments

rafbie

⋅ Jan 1, 2024 6:53 PM

Worked as expected and price made a textbook ending diagonal pattern. But now it seems like price has not enough supply to push to a new low meaning that ending diagonal is most likely over with a bottom at 41300. Now we can expect explosive move upwards and it is advised to close any short positions.