A push to 9.7k to complete wave B?
Hey everyone ✌
Very much coinciding with my analysis yesterday; I am expecting a move up to the 9.7k region to complete wave B of this larger ABC correction which is long-overdue. Unfortunately, Bitcoin took another leg-down prior to its movement up to the mid 9k region. However, this only further certifies we are due a relief pump up to the 9.7k region. I have highlighted areas in which I am looking to enter into shorts. The process I typically follow is laddering, in which I set multiple asks (shorts) every 10$. This provides me with enough confidence I will obtain a good entry price.
There was lots of selling pressure being absorbed (red bubbles) in which we can now assume sellers are exhausted. Furthermore, scanning the on-chain data, miners are not capitulating yet, and therefore holding their Bitcoins to sell at a later date.
I wouldn't be surprised if we saw something along the lines of this on the 1D timeframe.
Here is my chart from yesterday:
I am still with the expectation in the mid-term we are due to see a larger wave down to the bottom of this pennant, to complete wave E. It is therefore imperative if you are a mid-term trader, to capture shorts within this region, if it is indeed the top.
I hope this helps, if you like what you see, you know what to do... 😎
Also, please keep safe during these times.
All the best,
Anon.
Very much coinciding with my analysis yesterday; I am expecting a move up to the 9.7k region to complete wave B of this larger ABC correction which is long-overdue. Unfortunately, Bitcoin took another leg-down prior to its movement up to the mid 9k region. However, this only further certifies we are due a relief pump up to the 9.7k region. I have highlighted areas in which I am looking to enter into shorts. The process I typically follow is laddering, in which I set multiple asks (shorts) every 10$. This provides me with enough confidence I will obtain a good entry price.
There was lots of selling pressure being absorbed (red bubbles) in which we can now assume sellers are exhausted. Furthermore, scanning the on-chain data, miners are not capitulating yet, and therefore holding their Bitcoins to sell at a later date.
I wouldn't be surprised if we saw something along the lines of this on the 1D timeframe.
Here is my chart from yesterday:
I am still with the expectation in the mid-term we are due to see a larger wave down to the bottom of this pennant, to complete wave E. It is therefore imperative if you are a mid-term trader, to capture shorts within this region, if it is indeed the top.
I hope this helps, if you like what you see, you know what to do... 😎
Also, please keep safe during these times.
All the best,
Anon.
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