2017 Summer Bitcoin Paradime almost done - correction wave #C
It was quite a ride for Bitcoin 2017 Spring paradigm has over. with 2950 ATH, 1850 LL and now it's summer ride almost done too.
Now it finishes it's acceleration bullish channel, broke its baseline. Long position is not recommended. Personally, I keep holding short position from 4400
So where we can consider long position(buy)?
1. Support level, possible reversal zone = $3500~ 3600 * ABCD pattern * Correction wave 200% * Impulse wave retraction ~50% = $3,500 ~ $3,600
2. If H&S neckline brokes, it may down further to $2,950, previous paradigm's ATH
Good luck!
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Reverasl H&S
if it breaks Reversal H&S neckline, we can consider long position. Risk/Profit ratio is 4.87 which is worth it.
Take short Stop-loss if it re-enters shoulder line.