BTC - Consolidation in ABCDE Triangle
May 2 - May 22+
Leg C - Bottom 8800
Led D - Target 9600 S/R Level
Leg E - Typically 50% retracement from trendline resistance to support
Target: 9250
ABCDE Triangle = Wave 4 Consolidation of a larger 5 wave impulse
Breakout of Triangle = BTC run to 11k +
Trade:
Rejection of 9600
Bounce off 9200
Entry: 9200-9300
SL: 9050
Target: 10070, 10500, 11000
May 2 - May 22+
Leg C - Bottom 8800
Led D - Target 9600 S/R Level
Leg E - Typically 50% retracement from trendline resistance to support
Target: 9250
ABCDE Triangle = Wave 4 Consolidation of a larger 5 wave impulse
Breakout of Triangle = BTC run to 11k +
Trade:
Rejection of 9600
Bounce off 9200
Entry: 9200-9300
SL: 9050
Target: 10070, 10500, 11000