BTCUSD - Short - Correction underway - Edge 2 Edge trade
Updated
If BTC closes below the 6k mark, we have officially entered E2E trade territory. I would expect BTC to move with high volatility to the FAMA moving average (Green edge) of ~4800 price range. If we start moving towards the target price, I'm expecting the bull in BTC to use the 5K price as a nice round psychological number for support.
A great coin for leverage against bitcoin is bitcoin cash. I would recommend this option vs a leverage short position on BTC for MM reasons.
A great coin for leverage against bitcoin is bitcoin cash. I would recommend this option vs a leverage short position on BTC for MM reasons.
Note
I'm remaining bearish until we get a daily close outside of the MAMA.Note
Watching this level of resistance:Note
4HR Cloud view. Price has retraced to the Kijun or 50% fib. The Kumo twist indicates the bounce off the fib could be to the downside.Note
I'm still bearish for two reasons:1) Very rarely do I see a daily bar with no wick on either side.
2) Price has not closed above 4HR MA cloud / Kijun/ 50% fib.
Note
Staying bearish for the same two reasons above.Cloud view:
Adaptive MA view:
Note
BTC is a very strong bull and normally I would be shifting my sentiment about now, but due to reason # 1 listed above (statistically over 90% true) and Ehlers MA study still showing a potential move to the downside on the 4H chart, I will remain bearish. Current price chart:
Note
4H adaptive MA has crossed over giving bullish sentiment. Momentum is slowing down after the recent bull run indicating a small correction could be underway before price moves to new highs.If a correction happens I will wait for price to form a HA doji candle around the MAMA support of ~6800 area before looking to enter long.
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