This is my more thorough T.A On bitcoin and why I am more bearish on Bitcoin until we retrace to roughly to 8.1k by Around mid-march.
Reasons for being short. (P.S When I say short I really just mean staying in cash, I really don't find shorting fun as there is always more risk than being long, I prefer to find other places to be long and in this example, I am long several altcoins right now, rather than short bitcoin.)
1. Horizontal resistance at 9,550 on the daily chart
2. Diagonal Resistance (As Clearly shown in the chart.)
3. Bearish Divergence on the RSI
4. as shown on the chart we have completed a 5 wave count for Elliott wave traders. (The Fith wave has reached the .618 extension.)
5. Somewhat of an ending diagonal forming on the daily chart. (I did not include it on the chart here because I want to make the chart as clear as possible.)
6. 5 Subwaves of the 5th larger wave has completed as well.
7. .5 Fibinocci daily resistance as shown in the chart at 9,750.
8. CME Gaps need to be filled at around 8,100. (CME Gaps have usually always filled prior)
9. a retracement to 8.1k could create a cup and handle pattern which would then give bitcoin the momentum needed to reach 12,500 before halving.
P.S: however I see a lot of reasons for bitcoin to go down, this plan gets invalidated if we close above 10k.
This is NOT financial advice. DYOR.
Last note: rather than shorting bitcoin I personally am long several altcoins. 1 of the Coins I am long is NEO as it has formed a clear cup and handle pattern.
Reasons for being short. (P.S When I say short I really just mean staying in cash, I really don't find shorting fun as there is always more risk than being long, I prefer to find other places to be long and in this example, I am long several altcoins right now, rather than short bitcoin.)
1. Horizontal resistance at 9,550 on the daily chart
2. Diagonal Resistance (As Clearly shown in the chart.)
3. Bearish Divergence on the RSI
4. as shown on the chart we have completed a 5 wave count for Elliott wave traders. (The Fith wave has reached the .618 extension.)
5. Somewhat of an ending diagonal forming on the daily chart. (I did not include it on the chart here because I want to make the chart as clear as possible.)
6. 5 Subwaves of the 5th larger wave has completed as well.
7. .5 Fibinocci daily resistance as shown in the chart at 9,750.
8. CME Gaps need to be filled at around 8,100. (CME Gaps have usually always filled prior)
9. a retracement to 8.1k could create a cup and handle pattern which would then give bitcoin the momentum needed to reach 12,500 before halving.
P.S: however I see a lot of reasons for bitcoin to go down, this plan gets invalidated if we close above 10k.
This is NOT financial advice. DYOR.
Last note: rather than shorting bitcoin I personally am long several altcoins. 1 of the Coins I am long is NEO as it has formed a clear cup and handle pattern.
