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$11,700 NEXT? ~ wave 2 (b) of downtrend ($13.4-6) then dump?-Yurlo Good afternoon traders & investors in the crypto community. I'm sure there's plenty of new people around this space looking for guidance and direction. A lot of people are saying the dump is going to continue before today's daily close but in my perspective we've just started wave 1 - 5 of the downtrend and are now finding a bottom before heading to retest resistance. Anything above $13,750 for the downtrend wave pattern, or $13,875 would be a clear invalidation zone for this trade idea. Enjoy your week, I'll provide updates if targets get hit and the next move. (it's all on the chart anyways but visuals on price action updates is nice to see for the mind) PLAN YOUR TRADE AND TRADE YOUR PLAN 👍
BITSTAMP:BTCUSDShort
by Yurlo
6
1 ~ 2 ~ 3 ~ 4 ~ 5 strategy (downtrend) ~ swing short trade (BTC)-Yurlo Good morning folks, please do me a favour and smash that like button if you like these visuals 👍 Price action talk: (bitcoin) Downtrend: 2 validation points Uptrend: 3 validation points #1: Lower highs, and lower lows being painted on the chart, looking for a retest of $10,900 - $11,000 (trend needs 3 validation points, we have 2 on resistance and support. also, we're sitting under resistance which tells me lower support levels need tested according to structural integrity. #2: Appears to be rejecting gann fan code red (channel) #3: A move to "3" would test the fundamentals and structural integrity at this level. #4: This area has no structural support and i'd like to see more fundamentals as support. which would take us back to $11,000 where we'll either bounce off support or break downwards towards $10,500. Oscillator/momentum signal: #1: Currently at mid-range, low range being swept could signal a possible buy around $10,950 - $11,085. Pay close attention to that level if it gets tapped. Invalidation: $11,500 gets flipped into support triggering a leg up to $11,800.
BYBIT:BTCUSD.PShort
by Yurlo
24