After having produced a bearish view few weeks back, a probable wave count is proposed here. Bitcoin hit the soft target below 10000 levels before pulling back. The underlying is most probably producing an (A)-(B)-(C)-- 3-3-5 flat at a higher degree. If this count holds, we should witness fresh lows towards 7500-8000 levels before the underlying finds meaningful support. On the flip side a push above 13000 levels rules nullifies the proposed count. Trading point of view, one can bring stop to 13000 levels now and remain short with target of 7500-8000.
The underlying instrument still continues to drift sideways with lower inclinations. In continuation to the last discussion on Jan 18, 2018; we continue to vouch for lower levels through 8500 at least, which is a fibonacci support for the entire rally in 2017.
Selling on rallies still looking good with risk at 13000 levels. The current price around 10300/400 should provide enough resistance.
The underlying instrument seems to be into its last leg lower now. Positional trades short since 16000 levels are now requested to be taken out of the trading desk. First soft target through 8500-9000 levels have been met with. Will be watching for a reaction now around current price action.