sanuwat25
Short

The end of wave B for bitcoin?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Possible short entry for bitcoin as this can be the end of wave B. Though I have made a mistake once trying to catch this end of wave B so be careful.

Others things I look at are the upper trendline on log scale chart (~8160; see here https://uk.tradingview.com/chart/wLRytMy...), upper original Andrews pitchfork and Schiff pitchfork and the fibonacci projection using the previous pull back which was 2.618 (~5000 previously and ~8200 for this run) so it's possible that history might repeat itself. So the current resistant is quite a solid one.

Current price is 8080 so we're pretty close to the 8200 and shorting here would give a pretty decent profit:loss ratio.

It is a risky trade as I am pretty much trading against the trend betting on the huge profit:loss ratio so remember risk management.

Breaking through 8160 and remaining above that level, however, could mean another extremely bullish run with potential target of 32k ( Andrews pitchfork on log scale since 2015; see here https://uk.tradingview.com/chart/wLRytMy...). So if BTCUSD can stay above 8200 then we might as well leave talking about bitcoin crashing until the price is around 32k. Will be interesting to see what will happen.

For now I'm bearish on BTCUSD unless it can break through 8160 and 8200 with ease.

Goodluck.

SL: 8315
TP1: 7500
TP2: 6600
TP3: 5000
TP4: 3050 ?
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