BTC - This is going to 7431 then coming down to 6400
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This is a bump and run which goes up 3x the lead-in height and terminates at 7431. It reverses at 7431 and drops the distance of the 3x lead-in height which ends at around 6400.
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You cant trust BTC ....its playing games again...
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Looks at the previous top behind this current one ..it did the exact same thing , up 3x the "lead-in" heigt and then it dropped the distance of the "lead-in" height and landed at the bottom "lead-in"...this is the same play .
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I could be incorrect in the above calculation in which case the move up will be to 7266 then down to 6246.
After deep consideration of the data this is my thoughts strictly from TA perspective.
TTCTRADE
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i agree but i reckon it will break out of rising channel around 6900
znog
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Does it go up in three stages to? As in 6400->6700, 6700->7000, 7000->7400. Just curious
vitaminas
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@znog, he is missing the bigger picture of the pattern that lasts already for months
mycotoxin
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@vitaminas, don't confuse BTCs behavior with traditional stock behavior - BTC does what it likes and breaks all the rules.
vitaminas
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@mycotoxin, been trading crypto for 6 years but ty for the advice ;)
znog
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@vitaminas, I'm taking it as a sort term view. And don't worry I have my own strategies that fit my own personality, so I can do it comfortably. On top of that I also follow a couple of analysts whose work also fit my personality. I don't trade blindly on others advise, but integrate a few sources... and it's working well... again, for me.
BTW, I still think it is likely to be another dip below 6k before finally scoring up again (fits your triangle too).