In my last update I gave you the triangle and said that if we broke to the downside I would like to see BTC go for 39.5k as it is a key level in my opinion.
However, we are now at an important support:
You can see this high time frame fib speed, where the .618 has previously been respected very nicely.
We are retesting this .618 which is now in confluence with a weekly level.
To my eyes this is an important support, and if we break it I think it's pretty likely that we are going to 39.5k
I'm personally still in a short from 52k with most profits having been taken.
I don't feel confident looking for longs yet as there is not enough fear in the market right now in my opinion, and as you guys know from an Elliot wave count that I shared before (link below) I would like BTC to break the low of the wick (41k)
However if BTC shows strength and starts reclaiming levels such as 46-47.5k, then we can start looking for longs.
Anyways I will update you when needed.
As always this is not a place to short as we are at support.
We short resistance and long support, always.
Any questions?
Good luck traders
Remember not to break your rules
Habib
However, we are now at an important support:
You can see this high time frame fib speed, where the .618 has previously been respected very nicely.
We are retesting this .618 which is now in confluence with a weekly level.
To my eyes this is an important support, and if we break it I think it's pretty likely that we are going to 39.5k
I'm personally still in a short from 52k with most profits having been taken.
I don't feel confident looking for longs yet as there is not enough fear in the market right now in my opinion, and as you guys know from an Elliot wave count that I shared before (link below) I would like BTC to break the low of the wick (41k)
However if BTC shows strength and starts reclaiming levels such as 46-47.5k, then we can start looking for longs.
Anyways I will update you when needed.
As always this is not a place to short as we are at support.
We short resistance and long support, always.
Any questions?
Good luck traders
Remember not to break your rules
Habib
