Bearish Thesis Bitcoin to 20800-then drop to 18500 WIP (Short)
Updated
Elliot Wave continuing from the drop from 25200, ABCDE. Rising Wedge to about 20750-850 (not exact), then a drop from there to 18400-600 as measured from the last drop. Not a guarantee. I haven't entered a short, I might take a swing with my hedge account. Work-In-Progress. This doesn't mean, "short now" but for traders that already have established shorts from higher levels, this would add to the "hold your shorts" argument. I might set some very small sell stops on my hedge account with very little risk. I'd be placing stops a few hundred above just in case. I would also be taking healthy profits in my very light long position on my main account if we approach this level, but that is already a given. Also 18400 would not necessarily be the stopping point for the drop, as it is simply a measured move based on the last one that played out.
A secondary target might actually be to "sweep the lows" of 17600... implying at least a few hundred below that, or possibly thousands depending on catalysts, positioning, and where everyone's stops are placed.
A secondary target might actually be to "sweep the lows" of 17600... implying at least a few hundred below that, or possibly thousands depending on catalysts, positioning, and where everyone's stops are placed.
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No I have not taken a short yet. In fact, I am raising my targets for the up-move to about 21400-600. I am not comfortable taking a short or even leaving orders in my hedge account. DXY potentially bearish atm. I think I would wait for better sell levels. Meantime, I am taking small profits on my long position as we go up if that continues. I will refresh this if I get back to it. I still think it's valid, but the conditions must be right in order to pull the trigger.Note
Also made a tag error "Ascending Wedge" not "Ascending Broadening Wedge" (autocorrect)
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