Short Term Bull Run in Bitcoin, Triangle Pattern Shows Potential
Triangles are great patterns to see on a price chart. They are easy to spot, and provide very clear levels for entry and profit taking.
We are currently watching for a short term bullish trade opportunity in Bitcoin. The triangle pattern is complete, and price is currently approaching the key level of 30,735 (the level we will use for entry). We are targeting the area where wave (Y) will equal the length of wave (W) (a very common relationship in Elliott Wave theory) around the 34,000 level.
Triangles are also fantastic to trade as the pattern provides a clear level to know when your analysis is wrong. In this case, the red line at 28,639 is our threshold. If this level is broken then we know our current triangle interpretation is wrong, and we can reassess as the market gives us more information.
At Parallax, we focus on trading education and wave analysis to build a foundation of skills that give our clients the edge.
We trade Crypto, Forex (FX), and equities. We keep our analysis simple, clear, and easy to execute. Comment below if you would like to see more trade ideas, Elliott wave analysis, and market updates
We are currently watching for a short term bullish trade opportunity in Bitcoin. The triangle pattern is complete, and price is currently approaching the key level of 30,735 (the level we will use for entry). We are targeting the area where wave (Y) will equal the length of wave (W) (a very common relationship in Elliott Wave theory) around the 34,000 level.
Triangles are also fantastic to trade as the pattern provides a clear level to know when your analysis is wrong. In this case, the red line at 28,639 is our threshold. If this level is broken then we know our current triangle interpretation is wrong, and we can reassess as the market gives us more information.
At Parallax, we focus on trading education and wave analysis to build a foundation of skills that give our clients the edge.
We trade Crypto, Forex (FX), and equities. We keep our analysis simple, clear, and easy to execute. Comment below if you would like to see more trade ideas, Elliott wave analysis, and market updates
Order cancelled:
Price has moved beyond the invalidation level, so we will not be opening a position (at least not yet).
That is why we love the Wave Principle. It provides clear price levels that either confirm/reject your analysis. Our triangle interpretation didn't work out, but that's ok: we didn't open any positions, as price didn't move past our key level. Our trading account didn't take a hit.
We will adjust our wave counts and keep you updated. What do you think is next for BTCUSD?
That is why we love the Wave Principle. It provides clear price levels that either confirm/reject your analysis. Our triangle interpretation didn't work out, but that's ok: we didn't open any positions, as price didn't move past our key level. Our trading account didn't take a hit.
We will adjust our wave counts and keep you updated. What do you think is next for BTCUSD?