The very gnarly ABCD pattern shown is one of my favorites because it rs tripped a profitable conventional long at the green line (x=106,290): a profitable short from the red line (p=107,900); and a profitable ‘mechanical’ buy at 106,900 that was recently featured here. There are two good possibilities left: a ‘mechanical’ buy at 107,900, stop 106,827; and a short from 111,118.27. Regarding the latter trade, I expect the target to show sufficiently precise stopping power to allow a very tight stop-loss if it is hit. Even if D is not reached, which seems unlikely, it will have kept us on the right side of a bullish trend since the futures were trading below 105,000. _______ UPDATE (Jul 7, 12:31 a.m. EDT): The ‘mechanical’ trade is showing a gain of nearly $1400 at the moment, so I’ll suggest taking a partial profit if possible. If you swing for the fences, use a trailing stop that will preserve at least a nominal win no matter what. _______ UPDATE (Jul 9, 4:50 p.m.): This afternoon’s strong short squeeze impaled my 111,118 rally target, clinching more upside over the very near-term to at least 112,739. That is a clear and compelling Hidden Pivot resistance, and if buyers brush it aside, expect the rally to continue to at least 117,676.
BTCUSD – Bitcoin (Last:111,437)
