ANobleNerd

Broadening Wedge & Potential Large Drop

Short
BITFINEX:BTCUSD   Bitcoin

Signs I think are showing us an opportunity to short again:

-BTCUSD looks ready for the continuation downward to "C" heading for completion of the corrective wave down from $7400.

-Price looks like its worked its way up then bounced back down from an area around the .5 & .618 fib retracement of the previous fall.

-BTCUSD appears to be heading for fulfillment of a broadening wedge inside another broadening wedge.

-There has been a noticeable decline in volume since the 3rd wave on the 3 hour from September 20th paired with the additional volume decline since the 3rd wave of the 3rd wave on September 27th.

-Its been roughly the same amount of time before falling so far during the 5th wave of the bounce that it has been for the other 2 since September 11th.

-Price seems to be forming a Head & Shoulders aiming down with the top on September 21st

-We still havent hit a daily oversold mark on the RSI since the run in December like the crash of 2014 had to before it could come back up.

Wave "A"-"B" down from $7400 was approx 17% which is usually a similar distance for "B"-"C" meaning we could be in for a pretty nice short if this plays out.

*Im still very bullish long term on Bitcoin.


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.