SHORT Elliott Waves + Fibonacci technical analysis for Bitcoin.

Short

Bitcoin / TetherUS (BINANCE:BTCUSDT)

Updated

BINANCE:BTCUSDT Bitcoin / TetherUS

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Looks like a BTC bear flag to me. In addition bitcoin retraced 0.382 of 5 waves down, did an ABC and looks like we might do another 5 waves down, if anyone follows Elliott Waves + Fibonacci like I do, I do not see anything bullish yet for bitcoin. There is the possibility of making one more leg up, which if it did i can see 7.4max, but it's unlikely. Risk to reward ratio for a short is very good, only thing to note is that the volume profile doesn't fit exactly, high volume consolidation, so keep this in mind, though i'm short from 0.382 fib of $6877.

Comment:

As i mentioned in original post this move seems to have some fuel left, something i didnt see happening on such low volume. i'm now targeting $7400/7500 to open a new short, that area being the 61.80 fib golden ratio level.

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