A momentous move upwards has provided a new all time high, with a brief period of exciting price discovery.
Factors now point to corrections in the short term, with potential for a prolonged move downwards.
The first Short Position depicted shows the entry as a rejection from retracements of the ATH. It seems highly plausible that this rejection develops as a classic ABC correction, targeting ~$53,000.
In a more speculative approach, the second position is based on a further 5 wave local top, in-between the range ($53,000 - $59,000).
This second Short Position uses a stop loss above the range, in the likely event of a liquidity purge.
My personal belief is a re-test of $46,000 - $41,000, shown in the purple highlighted box.
Without going too deeply into this belief, the repair man is coming.
Shorts Validated.
Factors now point to corrections in the short term, with potential for a prolonged move downwards.
The first Short Position depicted shows the entry as a rejection from retracements of the ATH. It seems highly plausible that this rejection develops as a classic ABC correction, targeting ~$53,000.
In a more speculative approach, the second position is based on a further 5 wave local top, in-between the range ($53,000 - $59,000).
This second Short Position uses a stop loss above the range, in the likely event of a liquidity purge.
My personal belief is a re-test of $46,000 - $41,000, shown in the purple highlighted box.
Without going too deeply into this belief, the repair man is coming.
Shorts Validated.