Looking to close the short at 862 USD, to be safe. The bear trend could hold, but the Long time Bitcoin chart is still bullish , so to let the short open is too risky.
Price action looks weak in here, and it is on the verge of a breakdown from the consolidation.
Perfect entry for a low risk and high reward.
Take profit targets:
249 (double bottom) and 250.
:doom: :devastation!:
Following up on my previous chart published a week ago, my second forecasted scenario happened - "the whale who triggered this ponzi pump was in fact selling his BTC stash at 31x, 30x and 29x accumulated at much lower levels (215-230) in the past few months". In the past chart that I published we broke the small handle (of the cup-and-handle and we went down to...
* Long term correction as WXY (double zigzags)
* Wave B retrace 50% of Wave A
* Wave C looks like an ending diagonal but wave 1, 3 dont have clear threes waves structure. But MACD indicator show previous low is probably wave 3 with MACD lowest low, plus MACD & RSI reverse divergence
* Weekly 30MA act as major resistance, with less volume
Summary: Big drop probably
.ABCD bearish patter is completed if we imagine point D(2) at 1.2 extension of wave BC.
I suggest to open now a position short with:
Target 1: 0.608 fib retracement of CD
Target 2: When price cross under price of point C
Target 3: 1.272 fib retracement of CD
Place Stop loss just over point D (the one shown on the graph) that is the end of a BAT (XABCD)...
Bitcoin has taken a heavy beating this year, It has fallen from a peak of $1200 a year ago to a (so far) low of $275 on Bitstamp. Since then we have put in multiple higher highs, and higher lows. Can the bears retake the reigns or will the bulls chew through the coins ahead into a recovery.
I have three price targets, The main ones are R2 and S2, Decembers...
Just another random pump and dump for now, indicators are mostly suggesting overbought.
I'll be expecting further decline from $10 down to $9.5 within the next week.
