So far Bitcoin followed the way as shown in these ideas and i am currently looking for Short opportunities for the next leg down.
Short explanation as mentioned in the last two ideas. Bitcoin price moves similiar to the 2017/2018 swing: - Orange circle: Generate a top - Downbreak to the 50% Fib (Blue circle) - Red circle: Take out resistance that was generated by around that top / stopped the uptrend - Downfall to the 23% Fib (orange rectangle) and genrate a Swing (but no break in MS) - Retesting orange rectangle a few times and downfall - Downbreak to the 50% Fib
So whats next: To consider a short i would want the weekly close below the orange level aiming for the Green rectangle.
I will buy Bitcoin at the Support level (green rectangle) or on a reclaim and S/R flip of 23k level.
If Bitcoin breaks down to the green rectangle we should see a long low-volume period followed by a retest of 50% - 61% FIb level. Retest again of the green rectangle and start of the next bull cycle. Time wise it could start around Bitcoin havling 2024.
So to recap my plans: 1. I only buy / long on the green rectangle or on a reclaim of 23k 2. Looking for shorts if we see a weekly close/open below the orange rectangle.
Good luck
Disclaimer: - This information does not constitute as financial advice and is only for educational purposes. I am not your financial advisor. - You trade entirely at your own risk - Make your own research - Finance and trading is evil, capitalism is bad, duh ;)