Short

BTC correction targets: Update May 15

Aggiornato

Here are my two updated targets based on last week's price action.

I expect a bounce as I post this, THEN I will look for a short.

I will update this idea as things develop.

Nota

That 8k test looks be coming

Nota

This Idea is a follow up to previous plan, which seems to be playing out

Nota

wow, better bounce that I expected, lets see if this still plays out, as it is still viable

Nota

BTC looking pretty supported, but not out of the woods yet.
A break of the orange line should get some bulls back in the game.

Nota

Approaching my first possible target around 8k

thinking it might breach 8k to take stops then bounce.

Nota

Zone hit, tiny bounce, not impressed.

Nota

Bounce looking pretty good so far.
Not ruling out next possible destination (yet)

Nota

Nice impulse wave coming off the support

Nota

Wow! but I think I would actually prefer the micro c wave to spike down to 8150, then rocket up.
s3.amazonaws.com/tradingview/snapshots/u/u3XVBSXZ.png

Nota

overshooting 618's to hit 786's, strong imo (at least until next red tidal wave) :(
s3.amazonaws.com/tradingview/snapshots/t/T3uqUK4U.png

Nota

all right whales, here is a plan you can execute quite nicely, for that massive school of krill
s3.amazonaws.com/tradingview/snapshots/d/dNiuSgjI.png

Nota

Back to microscope, would love to see a double bottom ABOVE 8200, but I guess 8150 would be better in long term (wishful thinking?)

Nota

Here comes that micro C wave, lets see if the support zones hold

Nota

Maybe something like this:
Maybe something like this?

Nota

Bulls hoping to see something like this

Nota

8150 should hold, barring whales dumping.

Nota

IF the correction is over, AND we will get an impulse wave up,
then this coming wave 3 up is going to need some volume to blast through resistance.
So I am thinking EU bears tonight will bring it down for sure.
Hoping 8k is not even approached, but holds fast if hit.

Nota

on cue. good morning EU bears!
s3.amazonaws.com/tradingview/snapshots/5/55SM2aGH.png

Nota

Microscope says holding for now, but not much volume to be confident

Nota

wow, it is holding. 8200 is probably where the bears are camped

Nota

A moment of truth here for BTC.
If bulls can break 8220 gdax and hold it, might mean the correction to this first impluse from ''bottom'' is done and time to look for that new impulse to surf

Nota

Still in critical zone (short term).
Back to 8200

Nota

Nice break spring from 8200.
getting more and more confident the bottom was found

Nota

Nice 618 tap. This could be start of a micro wave 3.
If it goes fast and furious, then it is, duh :)

Nota

If bulls break 8200, then 9200 could next stop.

Nota

9200 looking quite plausible

Nota

As anticipated, the 8350 zone exhausted the bull power for now.
But the bears are not pushing down very hard.
Evaluating further and will post update with new analysis of last move.

Nota

8350 smashed, looking higher.
Still think 9200 is on the table.
Looking for a pullback to gauge Bear strength.

Nota

A look at the BTC bounce zone in detail.
Each of the green boxes derived from Fib bands.
Notice the price 'knew' where these zones were.
Just like Lightning knows point of least resistance on ground before leaving the cloud.

EuroMotif

the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag

Declinazione di responsabilità

Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.