If you haven't had a chance to read that analysis, check it out here:
In this analysis, I am seeing an exact mirror image flip set-up of the descending traingle at the $6,000 from 2018.
In this case, we've got an , which are typically patterns.
Something to watch out for though is a 'long' leverage liquidity grab where they stop hunt long traders.
We saw this exact same move at the $6,000 level before the big move down where a majority of short traders were liquidated out of their positions.
We also hit a 261.8% extension from the swing low and swing high before the break down move which has given us the support at $3400 and is typically a strong reversal point on downward moves for Bitcoin .
If the structure doesn't break down and close below the triangle on the , we could still see a target at the $5380 level. I used the exact same set-up from the break down to give an idea of what this might look like (including a stop hunt and liquidity grab for longs.)
Getting some cheeky buy orders at that $3450-$3500 zone may be a savage tactic in case we do get that wick down.
Invalidation of this structure would be a break and close below the triangle support on the .
Full trade set-up looks like this as well as a potential long buy if we do get that break down wick.
What do you guys think? Are we going to continue following this out until May before we get a break out, or do you see something else in the cards?