Is 10k the new 6K? #BTCUSD

BTC has been in quite some range the past few months since the run up to 14k. During this ranging market you saw traders constantly switching bias as they let emotions get the best of them. At the same time Elevate Trading has been sticking to the technicals and haven't budged. This has caused us to play the range with much greater accuracy and confidence than others. With volatility dwindling down once again a big move is looming around the corner. The question is which way will BTC break? I think I have a clue.

With EW being my primary focus on my analysis I like to find added backing to my idea through RSI, Volume, and Sentiment. This chart depicted below has a very logical wave count with a triple 3 in the works in both time and price. Volume has been lack luster on the prior move up and thus ads to our idea. Sentiment seems to be a tad bearish BUT the outstanding amount of contracts long on both BTC and ETH is alarming. The big players game is simple, line up the little players in a line to slaughter. To me this has a very similar feel to when BTC was ranging at 6k in 2018. With the move down today , i'm willing to say we wont close any H2 or above time frames above 10.4k if we are to stay bearish. Closing above this said range on 2-3 H1 candles in a row will get me to sway my implications. Remember to always practice good risk management and to always follow your plan.


©2019 by Elevate Trading Group:
Trading contains substantial risk and is not for everyone, we are not financial advisers and what we share are just our thoughts and opinions. We work to recommend low risk, high reward trades, but you should never risk more than you can lose and we are not responsible for ANY losses or wins incurred. An investor could potentially lose all or more than the initial investment under certain circumstances. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is no guarantee of future results.