You are viewing a single comment's thread from:
RE: BTC update 23.09.17
It doesn't have to, but from experience I always expect stop fishing and fake breakouts before the market is cleared to break down. If it makes a new high above 3811, I have to assume that the count of this correction is wrong and it could start crashing shortly after the new high...
Counting the corrections is always more difficult than the impulses. There a re 32 possible types of corrections... and I always assume the two most likely to happen
one thing is very clear right now. It will break down again soon (90% probable)
It went slightly above $3811 and currently on a downtrend (hopefully). I'm betting short based on the H&S hoping to take profits near $3000 levels. Any advice on that? I'm specially interested in possible price levels. Thanks in advance!
If it is not going to go down several hundred $ tomorrow it will most likely breach the 4125 level on monday.
On my bitstamp chart the 3811 was not broken yet and everything is still in waiting mode for a decision of direction.
Momentum is a little bullish at the moment, but this could change in the next two hours.
Thanks for your reply. I'll be staying in my short position. Any recommended closing positions? I'm thinking of near $3000 levels just to be safe and not too greedy.
yes the 3000 level is not too greedy. Keep watching my updates and be careful if 4125 is breached
I'll keep an eye on your posts. Thanks for the comment.
If BTC moves above 3811, 3930-4000 could be next, but this still would not be an uptrend and still fitting the bearish count
are you that it will either hit $3811 and downtrend to about the $3000 level or will breach $3811 and move up to $4125. If it does breache $4125 will the correction to $3000 be invalid and not happen, but rather will just keep moving up to higher highs ?