Update: BTC Scalping short trading opportunity

26 Şub 2023

This is a sequel to my previous idea.

The diagonal triangle's unexpected, extended wave 5 (possibly an expanding diagonal) morphed the bearish white swan into a bearish anti-butterfly.

The basic strategy stays the same, but the basis for calculus would be slightly different.

Target is unchanged anyway.

If this breakout forms wave 5 of the impulse, a drop to the 22400 zone or below is likely, but some reversal is expected at FE 1.618 (23051), 2(22999), and 2.618 (22905), at each of which the price crosses a pitchfork's channel line.

This running flat scenario is invalidated above the high of A (23217), but another bearish scenario will likely develop under an expanded flat.