BTC - short term bullish, medium term bearish
It looks as if we are still in wave III of a larger downtrend.
There is a possible short term bullishness towards 232-240. If we reach nearer >235 it could mean a short wave III, followed by a shorter wave V to 210-200 area.
If we hit <233 ish before continuing down we could be into wave (3) of the larger wave III, which would end around 160.
This may be a very quick process, as a breach of 212 could cause a panic sell-off.
A break of 240 would mean a re-assessment.
These are just my ideas and I don't claim to be an expert (far from it, quite a newbie), so please do not take them as given for trading purposes. I am happy to receive constructive feedback though.
p.s. please ignore the position of V, this is not literal and should be lower.
There is a possible short term bullishness towards 232-240. If we reach nearer >235 it could mean a short wave III, followed by a shorter wave V to 210-200 area.
If we hit <233 ish before continuing down we could be into wave (3) of the larger wave III, which would end around 160.
This may be a very quick process, as a breach of 212 could cause a panic sell-off.
A break of 240 would mean a re-assessment.
These are just my ideas and I don't claim to be an expert (far from it, quite a newbie), so please do not take them as given for trading purposes. I am happy to receive constructive feedback though.
p.s. please ignore the position of V, this is not literal and should be lower.
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