Bitcoin is still bearish!

Hello, everyone!

First of all I have an announcement for haters and trolls. You can laugh on me that I was sure that the Bitcoin price is not going to break $17080, but it did. I admit my mistake and understand that need to continue study Trading Chaos or any other approach if this does not work. My purpose in this blog is to show you my trader's way. I think most of you still remember my stupid opinion that $26k was the bottom based on absolutely nothing, then I have not been aware of Elliott wave analysis. Now I can correctly predict most of major moves, but on local time frames I am still the noob.

Time to analyze the market. Let's take a look at the 4h time frame BTCUSDT chart of the WhiteBit exchange. First of all let's notice the supply and demand lines (or support and resistance trendlines if you want). Bitcoin has easily reached the demand line, but has not enough power to reach the supply one. It is the sign of weakness. If the price will not break through the local high at $17400 next couple of days I am going to use the Elliott waves scenario which is pointed out on the chart. The pump which sent me to the books again could be the tricky wave 2 and if it's the case the impulsive dump is about to happen.

If the price break $17400 I am going to recount waves again and think about my mistake. What about trades? I am in short from $17300 - nice entry that's why I don't want to close this position and is going to enhance it in case of the new pump.

Best regards, Ivan

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