CastAwayTrader

BTC is breaking out the bullish wedge

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTC is breaking out the bullish wedge , the target for the rally is the same 5,000
Comment: We have got a nice 9% spike out of the wedge. Now we may get a flat consolidation before one more thrust higher

Comments

$5000 no way
Reply
CastAwayTrader Darkside999
@Darkside999, its difficult to argue when you do not provide arguments to the contrary :)
Reply
I have the same view C up. BTCUSD H4 Correction up. Checkout the idea detail's and all the update's for the complete picture.
Reply
@Boon2, many traders expected a drop to under 3,000. That spike caught them off-guard. Many bears still look for reasons explaining that the price has to go under 3,000. I used to wait for that magic ever elusive "one more low" but this time I think the low is in.
Reply
Boon2 CastAwayTrader
@CastAwayTrader, Yes low might be in place no one will know 100% but going off current price action I'm 95% sure this is only H4 ABC correction up to complete X before we get Z down. Deep pullback very rarely turn into reversals and thats exactly what we have in the H4 internal B wave. Theres a couple other signals that are telling me this is not a reversal as well but I'm not going to go into it all.

Time will tell.
Reply
@Boon2, I am 100% agree that spiky start does not look encouraging! I never trust such spikes and always sell my positions when it happens
Reply
I hope you're right, ;-)
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out