Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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BTCUSD is coming off of a quick dive to $9000. I touched on this potentially forming an Adam and Eve double bottom. I think it could bounce off this 0.618 fib, make a new local high around 13K, then down to $8500-7k. Long at $10500, short at 13K, long at 8k.
Watch for break above 50 SMA on 1 hour. If we go above dashed line then the Elliot Wave count shown here is invalid.
*NOT TRADING ADVICE ETC.*
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If we break below 10k or the 0.786 fib support I believe we will fall to $8000-$7500.
There could be some initial buyers at $9200, thus stopping plans to buy at $8000. But we'll eventually get to $8000 in a zig zag fashion. So still safe to short rips here.
Manifested
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@josephtse, I agree. I anticipate some sideways ABC corrections as well.