TradingShot

BITCOIN Break out time for the Triangle. Buy or Sell?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The Descending Triangle on 4H is testing the 8900 Support that was made right after Saturday's 10500 peak. At the same time the Triangle is just below the Lower High trend line with no room for extension so a break out will come either way.

What are the scenarios?
* If the Triangle breaks to the upside, I am expecting a 0.618 Fibonacci rebound before a -12% decline to 8700. This is synthesized after the RSI pattern from early - mid October which is similar with the Triangle's. A 0.618 pull back resulted in to a -12.35% decline to the 7330 bottom.

* If the Triangle breaks to the downside then the short term target should be the 0.618 Fibonacci retracement (from the 10500 top) at 8550 and after another pull back the 0.786 retracement level at 8000.

Remember this is a short term projection and Bitcoin is exposed to a high degree of volatility on such time frames, so manage the risk in accordance to your account size and margin.
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Comments

I think you will make an idea where you say it is time to sell.
+2 Reply
TradingShot UncannyDeduction
@UncannyDeduction, Please elaborate why you think that?
Reply
Now that we see, the break out did not start a new pump up, what do you think of all this?
Seems to me like sloppy manipulation.
+1 Reply
Jellocat Reikens
@Reikens, If , we see a spike and drop on Sunday… Yes, to the man pullung the strings:)
Just watching this show as it unfolds.
Reply
The question is what happens after that? I think you got the first part..
+1 Reply
@mbc47, My guess is that accelerated volume will follow such a move.
Reply
Nice, Shot, it is possible. I just think that BTC is rather in a descending channel.
+1 Reply
TradingShot olleyg123
@olleyg123, Thanks Olley.
Reply
Agree
Reply
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