Typical for such a pattern is that the length of the first wave is often almost as long as the length of the break out wave. Thus, the target lies somewhere around 14.4k (1.0 level of the fib extansion) and close to 15k.
As a round up, we have seen a nice bounce from the support on the lately.
And for those of you who are following my ideas, you know that I like to underlie my TA ideas with supportive fundamental/sentiment factors. And as of right now, one could almost get lost in reasons for another BTC move!
Currently we are seeing :
* a developing global currency crisis
* an inverted yield curve which is screaming for a recession
* a trade war between the two biggest economies of our beautiful planet
* immense institutional interest in crypto currencies (like BAKKT, which is about to go live "very soon")
* a tanking stock market
Since BTC got widely accepted as digital gold I´m absolutely on it. Micro and macro-trend wise.
But, as always, this is no financial advice! Take responsibility, trade on your own conclusions and never risk more than you can afford to lose.
Stay safe! :)
Ok guys. It looks like the the pattern now turned into a symmetrical triangle. That means, its basically 50/50 in which direction we will break out. Please wait for confirmations and bear in mind that this is S/L hunting season - so be prepared for a fake out as well and hold you S/L very tight!
My targets for the downside are:
I don't expect us to fall lower than that but it depends on the strength of the bears and their pressure. Macro wise BTC is still very bullish imo.
Finally, as a wrap up, it's time to take the lessons of this trade.
What went well:
- patience and the strategy to wait for a confirmation kept me from making the tradeto too early and thus get rekt
- in case of doubt it's better you assume that the previous trend will continue. It didn't happen in this case, but usually this is the right way to approach these kinds of situations
- if the chances for a breakout are 50/50 in either direction, I need to show both possibilities on my charts
Thanks guys, stay safe and see you moon!