BTC Update - Risky Outcome for the next 1-2 dayssteemCreated with Sketch.

in #bitcoin7 years ago

Summary

I always advise caution before any trade, but now more then usual. We're on unsteady territory, always ladder your buys/sells, never go all in!

Long term scenario(over 6 months) - Bullish
Short term scenario(1-2 days) - Bearish (7600-8200)
We can see that starting from the 6th of Feb and up to know the 0.68 Fib acted as a very strong support for wave 2.

We are now on wave 2 (descending purple line), which i see it as a simple ABC formation.

C wave is in question for the short term and its break down is according to my analysis a 5-3-5 subwave process.

The bearish scenario would be supported by BTC's sideways movement, failure to break over 55EMA and inverted flag formation that is slowly coming into play.

Risky outcome from the title - comes from the fact that if we break 9800 the above is overturn and we'll be on a bullish count so i would advise against shorting before down trending beneath 8720$ (of wave 1) or taking a long position before hitting 8200$.


Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

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For future viewers: price of bitcoin at the moment of posting is 8917.50USD

Yes, thanks, it was moving down while i was posting it :) 8905 now

Nice Post!! Sorry for leaving this comment.I am a poor novice developers. Please Support me with 0.1 SBD. Thank you for your kind

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