Hello Everyone,
Its looking very rough in the streets today. A huge battle is taking place but who will win? I have to lean toward the bears due to the overall trend. In my opinion BTC isn't going to make a major run until some major pain is felt. So lets get started.
It looks as if we are just starting the final wave of a diagonal. Looking at the price action I am half tempted to think the "E" wave could fail. But I am going to stick to the pattern for the time being. Looking at the macd and rsi I am not seeing much of an edge either way. So there are two ways to play this. (Option 1) is to ladder you short orders between 6900-7100. I know this is a wide range but the profit/loss ratio is heavily in your favor. (Option 2) If for some reason the "E" wave does fail I believe it would be safe to play a break out below 6500 with a target in the low 6000's. Good luck to everyone and stay safe out there. Very tricky trading today!
If you liked this analysis please follow me on twitter @100xTrades
Its looking very rough in the streets today. A huge battle is taking place but who will win? I have to lean toward the bears due to the overall trend. In my opinion BTC isn't going to make a major run until some major pain is felt. So lets get started.
It looks as if we are just starting the final wave of a diagonal. Looking at the price action I am half tempted to think the "E" wave could fail. But I am going to stick to the pattern for the time being. Looking at the macd and rsi I am not seeing much of an edge either way. So there are two ways to play this. (Option 1) is to ladder you short orders between 6900-7100. I know this is a wide range but the profit/loss ratio is heavily in your favor. (Option 2) If for some reason the "E" wave does fail I believe it would be safe to play a break out below 6500 with a target in the low 6000's. Good luck to everyone and stay safe out there. Very tricky trading today!
If you liked this analysis please follow me on twitter @100xTrades
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Fell just short of the bounce target. But I am keeping my short open with a target of around 6100 or a clear reversal signal confirmed with volume.