BTC Shorter Timeframe Analysis
Once you reach crucial support, you start to have many scenarios because you question if the support will break. After longing the move up and shorting the whole move down, I am personally leaning biased towards longing for the short term.
Alternate 1: 1-2 Scenario
Although we have met some nice minimums for fib levels, if we are saying that a wave 2 is being printed, I am not sure if this is going to be a 1-2 within a larger 1-2 due to market psychology selling pressure. Possible, but this is a miracle scenario.
Alternate 2: Expanded Flat Scenario
I like this of having a possible expanded flat. It's unlikely now as the partner move for me until we break the previous low though. It's way too large in comparison of any partner structure + Fib Extension went past the 168% retracement.
As you can see, even being a long term bear or bull for any of the scenarios presented above, you can still be bullish/bearish in the short term. It's all about organization. If most scenarios show some possible move to the upside, that can be the key to a proper RR trade.
Now that we have significantly more data to work with, I will now try to give scenarios on how we can interpret the Medium Timeframes and Primary Macro timeframes. This weekend will be heavily focused on Bitcoin!
Good luck!This post is based on this twitter thread.