Follow up on my last idea where we were talking about the 41k support level, which for now is still holding very nicely with a SFP that we got 2 days ago : I don't like the volume.
I know most people are expecting much lower and whatnot, but to me there are still not enough people shorting, even after the SFP that we got 2 days ago, I don't like what I'm seeing.
For this reason, I've already taken 35% profits on my long and moved my SL to break even.
On top of that, looking back at our EW count, we can see that the 1.618% extension of wave A comes at 39.1k, 1.618% often being a target for the C wave, plus we've been talking about 39.5k for a while.
Also, if we break 40k, this is when I believe people will really start shorting (as 40k is a psychological support), thus giving us a better long setup than the one we have right now.
If we reclaim the weekly at 43.2k, it would be a first sign of strength, but for now BTC is still in a downtrend on the LTF.
Any questions?
Good luck traders
Remember not to break your rules
Habib
I know most people are expecting much lower and whatnot, but to me there are still not enough people shorting, even after the SFP that we got 2 days ago, I don't like what I'm seeing.
For this reason, I've already taken 35% profits on my long and moved my SL to break even.
On top of that, looking back at our EW count, we can see that the 1.618% extension of wave A comes at 39.1k, 1.618% often being a target for the C wave, plus we've been talking about 39.5k for a while.
Also, if we break 40k, this is when I believe people will really start shorting (as 40k is a psychological support), thus giving us a better long setup than the one we have right now.
If we reclaim the weekly at 43.2k, it would be a first sign of strength, but for now BTC is still in a downtrend on the LTF.
Any questions?
Good luck traders
Remember not to break your rules
Habib
