ben257898

BTC/USD : Update of "The beginning of a new down trend?" 25/06

Short
KRAKEN:XBTUSD   XBT / USD
Disclaimer: I am new to Elliott Waves , just sharing my thoughts.

Since the peak to 10k5 (10 370 on Kraken) , we can see on the chart forming higher low(10 370, 10 000 USD) and lower low (9 300, 9100 and 8900 USD today). Therefore, we may have started a down trend in order to correct the rally from low March.
+Triple tops on a larger timeframe
+RSI divergence on Daily
+Strong resistance around 10k and 10k500 USD
However, I remained cautious until we leave the large range (8600-10 000 USD).

It looks like we have finished our 2 ( 7780 USD on Kraken) and sub wave 1 of wave 2 to wave 3. Today and maybe the day following, we will retrace wave 1 up to 0.618 (privileged area), that is to say (9480 USD on Kraken). Otherwise we have, the 0.5 retracement (around 9385 on Kraken). Down below my trading set up to refill.

Trading set-up:

Enter: 9385-9480
Stop loss: 9800, on a double top .

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