As you can see from the 15m time-frame, we just completed an EW which suggests that we may see some immediate upside, even if only short-lived given the small time-frame. I am also seeing confluence among time-frames that suggests BTC
may have one last push up at least before we see some significant downside, and that push up could be to 8750ish. As you may remember from my last post (around 10 hours ago), I suggested that BTC
would likely chop sideways with a downward bias--and that is exactly what happened--and that I would look to get long again tonight (ie, around this time) or tomorrow morning. So, here is my approach at the moment: if I were forced to trade, I would go long here. However, I am not being forced to trade obviously, and I do not have enough conviction to go long at this point. In other words, although I believe we may have one last leg up, we're a bit stretched on the long side for me to take the chance. However, this is bitcoin
, so normal definitions/ideas of "stretched" don't always apply. Instead, I am willing to sit on the sidelines until tomorrow morning at least in order to get a surer trade. If I miss out on the last leg up, I'm not worried. If it ends up being a long leg or more than one last leg, I'll be a bit disappointed but, of course, capital preservation is paramount. So, the point of this post is to say that my guess is we go up based on the aforementioned EW and multiple time-frame confluence, among other factors, but the risk is too great for me and I personally choose to wait for a clearer opportunity to go long, whether it comes after better consolidation or a pullback.