nativetulip087

Corrective Structure Theory: Mid-term Outlook

Short
BINANCE:BTCUSDT   Bitcoin / TetherUS
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.
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