BTS July update - More pain to come?

I have a hunch here that BTS might see some further losses while struggeling with multiple and compounding Gann resistances in the short term. I anticipate further correction to form a fat double bottom at the 38.2% fib level (around 8000-8004) drawn from its major pump, thus I still tend to favour the short side atm.

However, from this second go at the 38.2% fib level we should find support again and thus see a solid leg up, with some resistances along Gann lines, fib speed lines, and former support and resistance zones (blue dotted lines). Please note that the ghost feed - especially the trajectory of the anticipated leg up - is purely imaginative.

I have no position in BTS atm but consider to enter long as I find the fundamentals of BTS assuring in the medium to long term, even though it has copped a severe flogging lately. No advice, ensure due diligence. I record this analysis purely for posterity.

Happy trading everyone.

İşlem aktif:

Long entry order triggered at 8006.
Let's hope that this doesn't go pear shaped beyond the 38.2 fib level.

Yorum:

The majority of indicators I use here suggest we might have indeed bottomed out. Let's see how this develops.

Good luck to everyone in the trade.

İşlem aktif:

We formed a nice morning star. Fingers crossed it delivers.

Yorum:

Common BTS, you can as well admit that you've run out of options, there's no shame in that...

İşlem kapandı: durdurma seviyesi:

I exited position at 7912 seeing the BTC correction coming in.