BITCOIN CORRECTION
Updated
It's no news that bitcoin has been in a distribution phrase ever since our bull fractal failed that was our cue that the price was asking for a lower price. The pullback closed below our stop loss, so we had to reevaluate our position. Critically looking at the chart, we notice a fractal similar to the top of 2017.
We are critically considering two theories if the fractals play out
1.) That the price will correct to 0.618 fibs which will leave us to search for bottom discovery at 7k area
2.) Parabolic corrections always result in 80% corrections if this one
leads us to 5k area
Now we don't know which one will play out, but the best thing is to prepare for the worst-case scenario
Another reason why this correction is long overdue is that the shorts are at an all-time low.
We are critically considering two theories if the fractals play out
1.) That the price will correct to 0.618 fibs which will leave us to search for bottom discovery at 7k area
2.) Parabolic corrections always result in 80% corrections if this one
leads us to 5k area
Now we don't know which one will play out, but the best thing is to prepare for the worst-case scenario
Another reason why this correction is long overdue is that the shorts are at an all-time low.
Note
still in play
The throwback play was expected.
Every one is looking for a long right now , but i think this is going down to $8400 according to this invalidation is above 11k.
Keeping the head in the game will avoid playing into manipulation.
of course I will long if it breaks above $11,000
But shorting from $10,600 .$10,700.$10,800.$10,900
SL $11,000
Bear Pennant formation
Note
Bitcoin has broken out of the bearish pennant and has begone its markdown, forming a bearish flag in the process aiming for 8k then 7k , watching this closely , so far it has played everything almost perfectly.
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