Markets are not too complacent about the latest BTC scandal and I recommend fading this negative noise and expect a complete turn around in tone from most mainstream media outlets into the coming weeks as Bitcoin becomes the perfect instrument to trade political risk.
From a technical perspective here we are trading the bottom of a very wide range (whether bias is long or short we can agree this is a value area for those expecting more upside).
-> The candle highlighted in green was the last time we put a "hard floor" in place and we will be defending this area as bears start to become exhausted in the current channel.
-> We are trying to predict a bottom here so patience and strong nerves are required. EW implies this 2nd wave is corrective and is re-enforced by the highs made earlier in wave 1 taking the highs from the previous 'iv' leg implying a change in direction.
-> The tomb for a huge swing may have been opened here; by drawing a simple fib extension from the ABC in Feb lows towards the March lows to give us a final TP3 extension target of 15,100.
BUY LMT @ 7500 | TP1 10,000 | TP2 12,200 | TP3 15,100 | STOP LOSS 5800
From a technical perspective here we are trading the bottom of a very wide range (whether bias is long or short we can agree this is a value area for those expecting more upside).
-> The candle highlighted in green was the last time we put a "hard floor" in place and we will be defending this area as bears start to become exhausted in the current channel.
-> We are trying to predict a bottom here so patience and strong nerves are required. EW implies this 2nd wave is corrective and is re-enforced by the highs made earlier in wave 1 taking the highs from the previous 'iv' leg implying a change in direction.
-> The tomb for a huge swing may have been opened here; by drawing a simple fib extension from the ABC in Feb lows towards the March lows to give us a final TP3 extension target of 15,100.
BUY LMT @ 7500 | TP1 10,000 | TP2 12,200 | TP3 15,100 | STOP LOSS 5800
