Bitcoin - Outlook and Where to Look - Episode 2
Updated
Yes, we're shorting now - brave right? This idea could be invalided as soon as the trend line breaks, so be careful and watch carefully as there is a potential bull pennant on the 4 hour at the time of writing.
Overall I think we're spent; what goes up must come down, and Bitcoin went up very, very quickly. I've been bullish throughout the wave 4 while the rest of TV was bearish, but now it's time to go short again. The chart drawings are a rough idea of how I think it will go, but as time goes on we can be a bit more precise. I'll update as we go along. I'm still waiting for bullish bitcoin news from China, I've heard rumblings about a national exchange and so that could be the catalyst for the leg up shown. Their national congress meeting ends 18th October so perhaps we could even see bullish action directly from a result of that, who knows. This, coupled with the whole Bitcoin Gold and BC2X fiasco makes for quite an uncertain outlook in the short term, but the chart illustrates what I believe to be a good chance for what will happen.
Overall I think we're spent; what goes up must come down, and Bitcoin went up very, very quickly. I've been bullish throughout the wave 4 while the rest of TV was bearish, but now it's time to go short again. The chart drawings are a rough idea of how I think it will go, but as time goes on we can be a bit more precise. I'll update as we go along. I'm still waiting for bullish bitcoin news from China, I've heard rumblings about a national exchange and so that could be the catalyst for the leg up shown. Their national congress meeting ends 18th October so perhaps we could even see bullish action directly from a result of that, who knows. This, coupled with the whole Bitcoin Gold and BC2X fiasco makes for quite an uncertain outlook in the short term, but the chart illustrates what I believe to be a good chance for what will happen.
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Right on queue
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Look how perfectly it bounced off our first resistance zone lol. It's like we make the market
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Yesterday's daily candle is very bullish, could see a reversalNote
Happy alt day everyone. All alts green again! Hopefully this continues for a couple weeks.
Bitcoin stayed perfectly in the channel, bounced off the top and is on it's way down as we can see:
Still short on bitcoin for now. Grab some of your favourite alts
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