jacobcanfield

Mirror Mirror On The Wall... When Will Bitcoin Break Out For All

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
In my last analysis, I showed how Bitcoin has the potential to break out to the 61.8% pull back level that we've seen it do time and time again.

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 support level from 2018.

In this case, we've got an ascending triangle , which are typically bullish 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 daily chart , we could still see a target at the $5380 level. I used the exact same candlestick 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 daily chart .


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?
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Pay attention to the next movement.
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Just bring that damn short now, so that it can go up..
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Very good observation and analysis. Thanks for your work
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Please take a look at our idea and let us know what you think!
+2 Reply
This won't happen, capitulation soon.
+2 Reply
AmmenLee Matt3Franc3
@Matt3Franc3, what about now?
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@AmmenLee, bwahahaha
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@AmmenLee, Now you will see the last phase of the capitulation down to 1900 usd.
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ascending triangle or bear flag...?
+2 Reply
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