eyupium
Short

BTC correction before S2X fork

COINBASE:BTCEUR   Bitcoin / Euro
BTC             has had an incredible bullish run. However, a correction is long overdue, and now potential bearish signs are creeping up.
Rising wedge is a bearish reversal pattern. If the price breaks down below the lower line of the wedge , then a correction is going to happen.

Targets for the correction are one of the yellow trend lines , and the Fibonacci support line.
The price will reverse at one of the targets, and then continue upward trend until the S2X fork happens on 16th of November.

There is also a bearish divergence between the price and the RSI , MACD indicators.

Don't trade until you have the confirmation of price breaking down the rising wedge .
If the price breaks upwards out of the rising wedge , then the pattern is no longer valid.
Trade active: Broke the rising wedge.
Comment: First target: 6310 eur
Comment: First target reached.
Comment:
snapshot
Comment: Next targets are fib support lines (you can see them in the chart screenshot above):
1. 6058 eur
2. 5859 eur

Look closely for price revesal signals at those levels.
Comment: The price reversed at the 6058 eur support level I mentioned above.
It's now trading in range, which means we're still not safe from another drop.
However, If the price manages to break 6700 eur resistance, that's a confirmation for our next target at 7100 eur.
Comment: Watch out for resistance between 6000 eur and 6200 eur. Do not buy there. The price is highly likely to start the C correction wave downwards after it reverses from that area.
The C wave could take the price down to 4200-4500 eur levels.
Comment:
snapshot
Comment: Looks like another rising wedge appears. Correction incoming. If this next correction makes a higher bottom than the previous one, that will enable this market to push new highs. Otherwise, we go more down as expected with the C correctional wave.

snapshot
Comment: Broke out of rising wedge upwards. It means the bearish pattern is no longer valid.
This market is full on bullish right now.
Target at 7180 eur is quite likely in this scenario (with a small and short correction before that).

snapshot
Trade closed: target reached: Time to lock in some profits. Target reached. BTC had a correction as anticipated, then bounced up from the 0.382 Fib line on our chart, and made a new ATH beautifully.

This market still has no signs of weakness, but try to not be too greedy and lock in part of the profits here to reduce the risk if the market reverses.

If this continues to go up, next target and potential reversal zone is 7200-7280 EUR.
so is reversal allready active or are we still waiting for another drop?
Reply
eyupium bedarija
@bedarija, The price reversed from the 6058 eur target support line I've mentioned in my comment above. Another drop might happen still, but since the price broke the resistance, and confirmed the reversal, new highs are more likely. I will update with new targets.
Reply
bedarija eyupium
@eyupium, yeah but the reason is cancelation of segwit2x
Reply
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