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BEARISH PLAYBOOK

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Dear Reader,

I've made the bold assumption that we've entered an A-B-C corrective wave, which is likely to retrace at the 76.4% (WAVE A) level. The impulse wave which should follow the correction, could serve to constrain BTC in a broadening wedge pattern.

Let's see how the play unfolds.

PS: If the price closes above $9700, this idea is dead !

Happy Trading !

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Looks like we are falling from the 61.4% Fib. Price formed a small bearish continuation pattern here.

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Typo ... 61.8%

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Looks like sub-wave 1 is done. Herewith some speculative targets.

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I think we might be ready for wave 3 .. the big dipper. See you at the bottom!

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They all died by a margin !

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More can be learned here: thepatternsite.com/EveningDojiStar.html

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I'm not giving up on my idea as yet (first we go down and then up), as we have not seen a candle close above $9500.

However, I believe that I incorrectly identified the wave structure and now present the following idea.

PS: I'm moving my target slightly. If we close a candle above $ 9600, I'll consider this idea completely dead, light it on fire and chuck it in the bin !