BTC still within the fallen wedge breakout target 10.9k
BTC dropped sharply today and bounced off the support of the fallen wedge after being rejected by the resistance of the wedge yesterday.
The shark pattern has morphed, which is not unexpected because harmonics do not play out as predict often. Harmonics are are traded after completion, but fitting a harmonic in your trend estimates gives confirmation and timing.
Although I saw the rejection yesterday and the possibility of a drop to the fallen wedge support trendline, my confirmation bias from my previous ideas prevented me from exploring the possibility of a drop and how it would play out.
Always keep your mind open, look for emerging patterns and try to fit different scenarios.
The shark pattern has morphed, which is not unexpected because harmonics do not play out as predict often. Harmonics are are traded after completion, but fitting a harmonic in your trend estimates gives confirmation and timing.
Although I saw the rejection yesterday and the possibility of a drop to the fallen wedge support trendline, my confirmation bias from my previous ideas prevented me from exploring the possibility of a drop and how it would play out.
Always keep your mind open, look for emerging patterns and try to fit different scenarios.
Trade active:
This idea seems to be confirmed, although I had doubts yesterday and was short. Longed again and made up for my losses from the short.
