Bitcoin Correction Update - Keeping consistent with chart updates
Just a quick update with where I stand. (previous post is here)
I have dropped the bullish count (1-2-3-4-5 Red, as per previous chart) as it has officially been invalidated.
Meanwhile, I was fancying considering this an ABCDE symmetrical triangle correction, but it has been invalidated last night. A key factor was the market reaction upon meeting the 55 EMA for the 4hr, 3hr, 2hr, 1hr (and even 30mins) ALL AT ONCE! The reaction was a strong rejection, so now I am expecting an agrressive final C wave which will bring us down under $8k.
I am currently in a short position, started at 8360, partially filled at 8100 for hedging reasons (previous weak support) and now targeting 7767, around the next level of previous price action, as well as 0.786 Fib.
If the candles will pierce through the last point of Fib support there is a gross chance the main impulse wave up will have failed, becoming an X, thus I will have to reconsider my whole count (on the daily) as bearish and readjust accordingly.
The next 48hrs are CRITICAL for the medium-term future of Bitcoin's price levels!
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STOPFor future viewers: price of bitcoin at the moment of posting is 8119.30USD