Good evening guys…
Been on my travels most of the day, and witnessed Bitcoin take out the zones…
I see some of you exploited this move…Well done to everyone who took from steve.
Now we are heading into some serious behavior.
The break of the 800 ema on the daily now puts things into perspective.
I have attached two charts.
Firstly, refer to the “Btc 3 price points” chart
these price points are likely to be witnessed if Asia tonight decides to pull the dirty and rip down even lower.
We are within a vector zone and we are anticipating a reversal back up..
The “BTC Tolerance Zone” is where price is likely to come back up to. Why is it a tolerance zone? Because we would assume that our stop needs to consider this zone so if we were to place or add to any existing shorts, this big drop will need to re balance if it were to continue lower.
Now frankly bitcoin could drop even more from the current price point.
This leads me to the chart “BTC 5m Cloud” – You know the criteria here…We need the 5m chart to show price breaking above the cloud, naturally you wouldnt look to the 15m time frame as price is too far from the 15m 50 ema, which is why we must consider a reasonable level of risk tolerance if we were to build shorts within this zone.
If you decide to trade the weekend….You have until now then tomorrow morning. We know bitcoin will end up staying flat, however I would have updated you guys by then anyways.
To end the week, we have so far completed the majority of our projection from last saturday…Given that bitcoin has dropped, if the retrace shows support, we would anticipated a W formation to come into the chart. But until we see that developing, we are assuming lower prices…
I will check in with you all tomorrow…
Take some time out….
We will resume the fire tomorrow night.