As a continuation to my previous chart you can see that bit-coin has again failed to breakout. The ABCDE pattern continues to develop. If we do get a bounce and rise to the $6800 area I would first expect some sort of dip to the $5950-$6000 area.
Still flat waiting to see how this plays out. If we do get the dip lower I plan on taking a temporary long position. I say temporary because I would most likely bailout at the top of the triangle if this pattern continues to develop as drawn. My ultimate goal is to raise more cash before the ultimate bottom which I am not convinced we have seen yet.
Just thinking out loud.
Still flat waiting to see how this plays out. If we do get the dip lower I plan on taking a temporary long position. I say temporary because I would most likely bailout at the top of the triangle if this pattern continues to develop as drawn. My ultimate goal is to raise more cash before the ultimate bottom which I am not convinced we have seen yet.
Just thinking out loud.
Comment:
Here is the original Triangle I am watching. Still waiting for D to complete.
