BTC Update - Daily/Weekly Analysis "ABC CORRECTION"
Confirmation of the end of wave 5 from previous leg down which we can see now as wave A, after the pullback there was a chance for BTC to go further to 24K as an extension to Wave 5 but looking at the large red candle forming on the Weekly, plus other factors, it is more than likely that the market has turned bearish and undergoing an ABC correction after the end of Wave 5.
1. End of the year holiday induced selling adds to bearish pressure.
2. Mt Gox black swan on the horizon adds to bearish pressure.
3. Market structure outside of Moving Average Channel adds to bearish pressure.
4. Recent daily candle closing below 18.6K (key support level), adds to bearish pressure and signals change in trend sentiment.
5. Recent ATH adds to bearish pressure.
6. A nice clean 1,2,3,4,5 Elliot Wave formation on the Daily/Weekly further supports our ABC prediction.
What to do?
1. Wait for current weekly candle to close in order to make a trading decision. If it closes below 18.6K then it is a further confirmation of a change in trend and we can make a trading decision based off this ABC prediction. Meaning a short position can be placed with adequate risk management implied.
2. When entering the short, try to enter as high as possible by analyzing the shorter timeframe (30 min). Try to catch any upward pullbacks because the market will move up and down no matter what, and we always want to enter as high as possible on the short and vice versa for longs.
3. Due to high volatilty, set approriate stop loss that wont be easily taken out by long "scam wicks".
4. Take profits at key fib levels as plotted on the chart.
5. Once your first TP is reached - move stop loss to entry or closer to entry, depending on your risk appetite.
5. Be greedy on the entry, but be conservative on the profit taking!
Disclosure
I am not authorized to provide financial advice, and this trading idea is purely based off my own trading analysis and opinions. I am not responsible for any losses you may incur if you follow my ideas. Happy trading!
Out-
WineTrader888
1. End of the year holiday induced selling adds to bearish pressure.
2. Mt Gox black swan on the horizon adds to bearish pressure.
3. Market structure outside of Moving Average Channel adds to bearish pressure.
4. Recent daily candle closing below 18.6K (key support level), adds to bearish pressure and signals change in trend sentiment.
5. Recent ATH adds to bearish pressure.
6. A nice clean 1,2,3,4,5 Elliot Wave formation on the Daily/Weekly further supports our ABC prediction.
What to do?
1. Wait for current weekly candle to close in order to make a trading decision. If it closes below 18.6K then it is a further confirmation of a change in trend and we can make a trading decision based off this ABC prediction. Meaning a short position can be placed with adequate risk management implied.
2. When entering the short, try to enter as high as possible by analyzing the shorter timeframe (30 min). Try to catch any upward pullbacks because the market will move up and down no matter what, and we always want to enter as high as possible on the short and vice versa for longs.
3. Due to high volatilty, set approriate stop loss that wont be easily taken out by long "scam wicks".
4. Take profits at key fib levels as plotted on the chart.
5. Once your first TP is reached - move stop loss to entry or closer to entry, depending on your risk appetite.
5. Be greedy on the entry, but be conservative on the profit taking!
Disclosure
I am not authorized to provide financial advice, and this trading idea is purely based off my own trading analysis and opinions. I am not responsible for any losses you may incur if you follow my ideas. Happy trading!
Out-
WineTrader888
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