Bitcoin is making a series of sideways 3s structures. This is yet another one, which hints to a potential ending diagonal and favor the scenario that this correction is coming to an end very soon.
My bias is to the downside since i expect pullbacks on the majority of the alts in the short term.
My bias is to the downside since i expect pullbacks on the majority of the alts in the short term.
Note
Bitcoin is turning around after a 3 wave pullback. Im removing the limit orders and watching this develop to either a double combo or a triangle pattern.Note
Triangle ratios fit, it should fail to take out the (c) high on this scenario and the .618 is on top of the 0.5 from the last decline. Essentially this a zero risk trade since the distance between the projected (E) and (C) is minimal.Note
Bitcoin has a bearish structure -complex correction / bear flag. We are trying to find the top here. 7k is definitely possible just as Mex shenanigans.Note
Bitcoin finally makes a move since we expected volatility spikes sooner or later.This is a move you want to see out of a triangle, so there is more downside here.
Trade closed manually
Tether speculation and fear pumping the price. Charts are different on every exchange, will waited out till the structure completes. Bearish below 8.5k even if it has a 800$ premium on finex.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.