Broadening Wedge & Potential Large Drop
https://www.tradingview.com/x/HlgnqjCd/
Signs I think are showing us an opportunity to short again:
-BTCUSD looks ready for the continuation downward to "C" heading for completion of the corrective wave down from $7400.
-Price looks like its worked its way up then bounced back down from an area around the .5 & .618 fib retracement of the previous fall.
-BTCUSD appears to be heading for fulfillment of a broadening wedge inside another broadening wedge.
-There has been a noticeable decline in volume since the 3rd wave on the 3 hour from September 20th paired with the additional volume decline since the 3rd wave of the 3rd wave on September 27th.
-Its been roughly the same amount of time before falling so far during the 5th wave of the bounce that it has been for the other 2 since September 11th.
-Price seems to be forming a Head & Shoulders aiming down with the top on September 21st
-We still havent hit a daily oversold mark on the RSI since the run in December like the crash of 2014 had to before it could come back up.
Wave "A"-"B" down from $7400 was approx 17% which is usually a similar distance for "B"-"C" meaning we could be in for a pretty nice short if this plays out.
*Im still very bullish long term on Bitcoin.
Signs I think are showing us an opportunity to short again:
-BTCUSD looks ready for the continuation downward to "C" heading for completion of the corrective wave down from $7400.
-Price looks like its worked its way up then bounced back down from an area around the .5 & .618 fib retracement of the previous fall.
-BTCUSD appears to be heading for fulfillment of a broadening wedge inside another broadening wedge.
-There has been a noticeable decline in volume since the 3rd wave on the 3 hour from September 20th paired with the additional volume decline since the 3rd wave of the 3rd wave on September 27th.
-Its been roughly the same amount of time before falling so far during the 5th wave of the bounce that it has been for the other 2 since September 11th.
-Price seems to be forming a Head & Shoulders aiming down with the top on September 21st
-We still havent hit a daily oversold mark on the RSI since the run in December like the crash of 2014 had to before it could come back up.
Wave "A"-"B" down from $7400 was approx 17% which is usually a similar distance for "B"-"C" meaning we could be in for a pretty nice short if this plays out.
*Im still very bullish long term on Bitcoin.
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