TonyTheBullSeverino

Bitcoin Possible Hedge Short Setup

(I don't understand why the formatting keeps breaking - frustrating!)

If Bitcoin doesn't make a larger move up, I see two downside scenarios. One remains still bullish where we test that lower pink box and we just aren't done with our right shoulder.

I don't like this idea though. It is taking too long for this intracycle to "top" and will start rolling over with or without the move up. We've done plenty of retesting and the bands are tight

I'm still leaning towards long, but because of how the candlesticks look at this local resistance, I need to consider we are failing here and may end up with the purple scenario in the second chart

These are the three primary scenarios I see. The purple where we move down now is the nastiest of them. So bad I can't show it all it makes the chart look bad

Because of this wave count setup, moving into a wave 3 in the purple scenario, it's a hugely profitable short. Hence the hedge idea

Upside here is also very profitable.