Short

The fate of Bitcoin..?

Updated

As soon as we break the previous low point, $8214, I shorted my position.
4h 300 moving average failed to support and now we are going below it again.
Next possible bounce region would be 0.618 retracement level, $7,800~$7,900.
There is high chance that we had a wave failure and form WXY correction structure.

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How to target using bearish flag pole pattern.

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tradingview.com/x/UFcAcIWS/\
In long term, we can consider this as abcde triangle correction, if we touch the bottom of the symmetrical triangle.

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Pattern analysis perspective

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With sub-waves, we could set our targets like this.
Breaking above $8,450 invalidates this count.

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First target reached. We are seeing bullish divergence which can mean that it might bounce at the down trend line for a while before going down more.

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Orange down trendline broken. Update your trendline like the yellow one.

Tommy_Trader

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