Market structures look like we are about to reach potential end of possible ABC move on BTC. Series of bearish signal starting to show up on the chart such as Bearish divergence, spotted 3-drive reversal pattern as well with Adam and Eve target been achieved all these signal a strong reversal or a potential retracement incoming.
The core trading ideas will be to focus on all the support level as all are potential Long entry for scalping purpose till we are sure of the next BTC move.
Two things are possible either we have correction and market continue its bullish way or we go another 5 wave down from here.
The post will be timely update as market develop.
TRADE IDEA:
I will look to Long BTC in the range of 5000-5155$ with tight stop loss and aim at 5725-5800$.
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This is the post where I talk about Adam and Eve with their target zone well labelled
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Present situation shows bg bearish formation in progress with indicators making Lower Low while the price is heading higher that is a basic weakness on the BTC strength.
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Elliot wave perspective of the current market shows we are in possible wave 4-5 with price completed sub wave 1-2-3-4 and we are going for the last leg up which is sub wave 5 of wave 5. I believe after the completion of this leg we will have huge drop.
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Hey guys i spotted an opportunity on BTTBTC and this may worth accumulating for a long time investment.
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HotBtc approaching strong zone, keep an eyes on it
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DENTBTC is having nice pump righ now, I have this coin spotted with a nice entry accumulation zone.
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The journey for the last leg up is in progress.
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Going as expected. We have immediate resistance towards 57XX area
I can't agree with your judgement more, weslad.
What annoys me is can Thether (USDT) being used as measure scale any more?
Here is my thoughts: What does USD mean in Crypto World? Is BITFINEX Heaven or Hell?
weslad
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@go8686, thanks for sharing your view, anyway you dont have to agree with my view, but we all know how big guys utilizw tether. So if you are very much long in this game all this tether speculation should not be a surprise to you. Rather know its their game for market manipulation
go8686
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@weslad, There is always something I don't see, that is what game is appealing. Thanks
First of all, to make a leg upwards, it has to crack a pretty strong level just below the $5,400. There are historically worked Bitcoin price level, Fibo golden ratio and etc.
Short-term market structure is also a bit bearish side so, let's see!
Cheers!
weslad
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@VaidoVeek, thanks for sharing with us, both sides of the market has huge support and resistance, let see how this will develop in the nearest day to come