First requirement is that BTC is currently forming a bull flag (pink pattern). If it does, the target of the bull flag would be the same as the target of the previous falling wedge (yellow), around $9800-10.000. From there, the large bear flag (blue), that by now would have taken shape, would take BTC down to 5K territory.
It looks nice! But a lot of charts here look nice and never play out, so don't take this as financial advice!
Trade active
⋅
We're on track :) The flag has not been invalidated and indeed is forming right now
Comment
⋅
BTC could also drop out of the bull flag and towards 7.7k. That would exactely replicate the entire BTC movement since the 6K low, just a level smaller.
Order cancelled
⋅
BTC dropped out of the flag. It may go all the way down to test the uptrend line. I thought it should go up one more time before the big drop, it might still happen on a smaller scale. I am not trading BTC until the next clear signal.
agree up until we hit 7800 on way down. We can rebound off there and shoot out the top. Nice spot on the bull flag... I was thinking C down to 8k but this has a better fit. Hope you are right
karlkrawall
⋅
@BullWick, yeah down to 8K possible too, we'll see.