Doom and gloom forecasts everywhere I look, and they could be right. But if the bottom is in, could this scenario play out?
I'm still learning, so don't trade on this. Just imagining a contrarian viewpoint.
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If I'm correct, and I could be wrong, this might be how we play out in the very short term.
Of course, BTC could roll over and die as well. Don't trade on my newb TA. My contrarian viewpoint continues though.
(This is an XBTUSD chart that I'm using to track my trade so the prices might be different than the main chart above.)
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I'm not throwing in the towel, yet.
We wicked off the .786 and settled on the .618 retrace lines before bouncing off. If you look, both 1 waves, the large and smaller, were mostly impulsive according to the Heiken-Ashi candles, both correction 2 waves were swift moves down as well.
I think tomorrow will tell. If we can get a big impulsive push upward, it could mark a reversal. Or a bull trap. Who knows...
Anyway, happy trading.
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Wave 3, of wave 3, of wave 3, on the three-minute chart, gives us a target of somewhere between the $10,300 - $10,500 area. We'll see what happens. My stop loss is set and I'm going to bed.