Bitcoin
BTCUSD
is currently forming a symmetrical triangle. We expect a continuation of the A,B,C,D,E correction. As currently pictured, we are on wave D, the corrective wave E is expected next.
Side note: We do not need to complete wave E to breakout to the upside as momentum can carry us to a bullish continuation of our previous trajectory. Wave D can show a minor retracement and then slingshot right up.
If price breaks below our pennant, we will be looking for a possible bearish scenario which can take us to the $10k's. This is where stop losses are crucial. If price raises to $18,000 and reverses, this can be an indication that we have formed a bearish flag. Be on the lookout for that.
Short term targets are $16,100.
Mid term targets are $23,000.
None of this is intended as investment advice. Do your own due diligence and trade at your own risk. P.S. never trade with any money that you cannot afford to lose (comfortably).
BTCUSD
is currently forming a symmetrical triangle. We expect a continuation of the A,B,C,D,E correction. As currently pictured, we are on wave D, the corrective wave E is expected next. Side note: We do not need to complete wave E to breakout to the upside as momentum can carry us to a bullish continuation of our previous trajectory. Wave D can show a minor retracement and then slingshot right up.
If price breaks below our pennant, we will be looking for a possible bearish scenario which can take us to the $10k's. This is where stop losses are crucial. If price raises to $18,000 and reverses, this can be an indication that we have formed a bearish flag. Be on the lookout for that.
Short term targets are $16,100.
Mid term targets are $23,000.
None of this is intended as investment advice. Do your own due diligence and trade at your own risk. P.S. never trade with any money that you cannot afford to lose (comfortably).