Bitcoin (BTCUSD): Drowning Deeper

Previously, we were looking to capitalize on the next leg of correction, which began on Dec 8. It was likely to take the form of either Flat (3-3-5) or W-X-Y 0.68% (3-3-3), and push the price down to $12 800 and below. Price hit the target quite fast:

Bitcoin (BTCUSD): Correction Warning and Levels

Now, as correction has been confirmed, the price should drop to the next target of 12 000. Watch the minor pitchfork as it defines the intraday price channel.

Event Risk
Today is a big day for crypto: CBOE is scheduled to launch first-ever Bitcoin futures. This news is great because it will allow institutional traders to get involved.

Note

From the risk-reward perspective - which of course is at the heart of trading - the optimal entry for short is within 13 900 - 14 100 box. Not sure it gets there, but still:

Note

Price is getting to the entry zone. These are my trade parameters. Not keen to risk much here because correction is complex - it's better to set up another trader when the wave structure is more clear. So, stop-loss is just 3% away from the entry:

Trade closed: stop reached

That's why I didn't want to risk much on this trade. Stopped out, -3%.

Nickonomics

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Nickonomics