CryptoMoe81
Short

BITCOIN ($XBT): Bearish setup...target below $3000

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
My plan B - bearish setup if current Bitcoin's pump fails.
Comment: The most of lower TFs look pretty good - bullish. So, that is the main reason why I want to take a look at higher TF, at 1W:
a) Volume profile has been decreasing for last weeks. But the price is increasing. Usually it is bearish sign.
b) RSI-Stoch is heading to "30 level". So, currently it is neutral signal.
c) Just MACD indicates potential upward trend continuation.

Comment: Invalidation level $4120.
Comment: BTC hit my ivalidation level, so this idea is less likely. Also current price action doesn't indicate that this idea is right. It looks like more ABC correction, but this is different story.

Back to ABDCE pattern ... purely technical, all neccessary rules for Triangle are obtained for now.
Current Wave-E hasn't determinated fully Wave-C yet and Wave-E is shortest one at the moment.
I will cancel this idea, if Wave-C will be fully retraced.
Comment:
Comment:
Comment: 03.03.19:
Ranging between $3750-$3850 continues, but some important changes happend.
Firstly, look at 4H chart:
We can see new resistances there - MA89 and MA21. MACD performing Bearish cross at the moment. RSI turned into bearish a few hours ago.


Secondly, look at 1D chart:
MACD and RSI remains in bearish mode.


Now, move to 1W chart:
Currently, we can see green candle and would be fine, if we close this week with bullish candle. It could be catalyst for the last leg up to $4000 area. If we close below $3734 weekly, we will get Bearish candle. It could be catalyst for the price drop below $3600.
MACD and RSI don't look so bad. Both of indicators remain in bullish mode.


Conclusion:
Based on 1W indicators. BTC still has a good chance to go upward to $4000, maybe higher. As I wrotte, $3700 is crucial level for now. We have trend support there and until this support fails profit targets are active.
Comment: RSI resistance hasn't been broken yet!

Comment: Back to ABDCE pattern ... purely technical, all neccessary rules for Triangle are obtained for now.
Current Wave-E hasn't determinated fully Wave-C yet and Wave-E is shortest one at the moment.
I will cancel this idea, if Wave-C will be fully retraced.
Order cancelled
Always good to have a backup.
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CryptoMoe81 valentynestad
@valentynestad, you are right, I'm curious how this scenario will works. Now, it seems this scenario will be invalidated soon.
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