CRYPTO of the week BTCUSD dipped below 4,208.81 now what?
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BTCUSD 1H ASIA UPDATE - 17/05/2018
Yesterday break of 8,208.81 low triggered a bearish sequence in lower time frame for a double correction of cycle from 6,427.16 low.
That was not the preferred view but the option was on the table and explained as such.
So, as long as below 9,939.69 we should see bitcoin lower. A break above 8,900.90 could still be bearish with a FLAT from 8,208.81 as long as it stays below 9,939.69 (invalidation level to the downside).
Next level of interest comes in at 7,160.73-6,750.05 but caution will be required as the closest we get to 6,427.16 the higher chances are to break this level to the downside and opening 5,920.72. So personally, I will not buy those levels and would get into other instruments with clearer view.
I will monitor the first cycle of this leg from 8,900.90 high and see the reaction at 61.8%-78.4% extension area as truncation could also happen there (but won't buy those levels).
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 13/05/2018-19/05/2018, I propose BTCUSD
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
Yesterday break of 8,208.81 low triggered a bearish sequence in lower time frame for a double correction of cycle from 6,427.16 low.
That was not the preferred view but the option was on the table and explained as such.
So, as long as below 9,939.69 we should see bitcoin lower. A break above 8,900.90 could still be bearish with a FLAT from 8,208.81 as long as it stays below 9,939.69 (invalidation level to the downside).
Next level of interest comes in at 7,160.73-6,750.05 but caution will be required as the closest we get to 6,427.16 the higher chances are to break this level to the downside and opening 5,920.72. So personally, I will not buy those levels and would get into other instruments with clearer view.
I will monitor the first cycle of this leg from 8,900.90 high and see the reaction at 61.8%-78.4% extension area as truncation could also happen there (but won't buy those levels).
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 13/05/2018-19/05/2018, I propose BTCUSD
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
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CORRECTION TITLECRYPTO of the week BTCUSD dipped below 8,208.81 now what?
4,208.81 would have say crashed ...
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