What IF we are done with correction?

2018年5月19日

Many traders are shouting $7,800 and $7,200. Always keep in mind that Bitcoin likes to say “No” when everyone is saying “Yes”. The big hands don’t want to draw chart neatly. As a good trader, you should always hold numerous backup response plans for all possible scenarios.
The chart above is my bullish counting. When it touched the bottom of the wedge pattern and bounced, I didn’t expect it to reach over $8,200. Instead, with decent amount of bullish momentum, it reached $8,230 and is being corrected a bit currently. If that orange short-term trend line supports well, we might retest our green mid-term down trend line. We just need a bit more volume to make this happen.
Currently, $8,300~$8,350 region is where 300 MA stands for daily chart and where the green trend line is at the same time. If daily candle closes above that region, we can expect some bullish momentum at least for a few days.
If we break the orange line, next possible bounce area is $8,050~$8,100.

Here is my bearish count which I am putting more weight on.

2018年5月19日

註釋

Orange trendline broken.

2018年5月19日

註釋

Here is my count for abcde triangle correction