BTCUSD Short-Term Update: More Downside Ahead

15 Mei 2017

In my last post I anticipated the test of 1820-30 area to clarify short-term wave count. The price didn't reach 1820, putting a top @1815. As far as trading is concerned, I suggested going short on the brake of the pitchfork (you can see the label on this chart). This strategy worked well, as price slid from 1760 to 1682, where it found support 62% Fib. The chart is becoming increasingly bearish, and the wave count suggests more downside pressure to mount.