AlexCH

BTC/USD - Short Term Price Action & Levels to Watch

BITFINEX:BTCUSD   Bitcoin / Dollar
I have decided to post this as a separate idea. You can visit my previous btc             4.63% analysis in the related ideas below. They are still relevant.

- It is my opinion that the current upward move is an ABC correction to the upside in a downtrend.
- Candles are now showing signs of reversal at 1:1 A-B ext
- This price level is also a . 618 retracement of the bearish impulse waves. Confluence at key zones with high possibility of reversal.

- $10,178 is 1:1.618 A-B ext. Which may serve as next resistance should the price continue to rise.
- For these reasons, I will not be opening new long positions until we close above all these levels.

*Repost with indicators removed.
Kommentar: - Another point to add: C wave now falls into the proximity of the 4th previous subwave. Another region where reversal occurs. Higher degree of confluence = higher confidence of further movement to the downside.
Trade ist aktiv: So far so good. A thing of beauty.
Kommentar: I am rather convinced that we are going lower now.
But for confirmation, we should wait until a close below $8198.

I hope this post has either made you profit or saved you money.
Much love!
Kommentar:
Kommentar: If you found this idea helpful/feeling generous, please do leave a tip @

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- LTC: LTFr3Jp445vENZUZQopQPoqRgeSyGs36fe
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And please do pm me so I can thank you for your generosity/ maybe answer a few questions of yours.
went to a, blew below b...
Antworten
AlexCH userbeauty
@userbeauty, ABC is done. I think we are poised for another drop now.
+1 Antworten
@AlexCH, thanks!
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userbeauty userbeauty
@userbeauty, i c from ur other post u think we will now retest .618... so the abc is still in play, right? ...the red abc from your second chart. Totally changes everything for me if that abc is still in play. if i do it right i will tip u!
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AlexCH userbeauty
@userbeauty, ABC correction is up. .618 retest is down. Where is the confusion.
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@AlexCH, I see the .618 in blue which is up from current price
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AlexCH userbeauty
@userbeauty, dude. you are combining two different posts in one. The .618 retest in my other post has a different level of .618. Please look carefully before you put your money in anything.
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Hi, Do you see possible scenario falling from 8k? At this point I have doubts about where the adjustment will finally go (since a year ago it was $ 1k). Any FUD will accelerate the process with this weakness.
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AlexCH gusccbb
@gusccbb, don't care about fundamentals. imo we go below 8k. but it doesn't matter what my opinion is, the market will decide and when that happens I will be neutral
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gusccbb AlexCH
@AlexCH, tks
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