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Bitcoin - Triangle Pattern / Retest.

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD - 4 Hourly Chart "NEW PATTERN" (Let's say it: Right shoulder in wich no came formation H&S but it Develop for self in Triangle Pattern - it's true)
Finally - in the next pattern we used a "Triangle Pattern" consisting of "Eliot Triangle Waves" which means branched analysis in the directions inside the Triangle, until the end of the Triangle destruction.
⚠️ Reminder for beginners:
• "ABCD" - directions of waves inside of Triangle.
• "E" - FINAL Direction from outside of Triangle.
If we look better in the new Patern we can see the resistance that we have often reached or overcome for one simple reason - Liquidations.
Now we have to keep these ups and downs in the graph, so that at the end we can get out of the Triangle. Many go crazy when they see PUMP. A very huge mistake, please take the crap when this candle is closed above the resistance (4 Hourly Candle).

As a result we have a very fine Pattern where the resistance is 6800, 6520, 6466.
Black Extra -Resistance 6800 - 6906
- Because of the volatility of Bitcoin , next retest of Bitcoin i see in the middle of area 4700 - 5350

We closed bellow resistance Candle 4 Hourly, finally in red. But still too early to enjoy! , )

After the "TA" rules - 4 hour candle closed in the form of Hamari Candle - which means the price is neutral, and could break very soon. So I wait for the next confirmation hours at least 2 hours or even 4 hours - to close bellow. The resistance, however, remains 6800$. Some accuses the fact that we have already passed the 6800$ area - exactly we passed, but we did not close the 4-hour candle above the 6800$ area, which meant a fake-out.
• When we look at the graph of Bitcoin , we also have to look at other graphs - LTCBTC , XRPBTC . LTCBTC - as i mentioned earlier in the group, it forms a double bottom at 4 Hourly, so if the price for LTCBTC increases, it means that the price in Bitcoin is decreasing. In my opinion, we don't have a double bottom here on Bitcoin , it's too weak.

Let's think logically. Why does the graph rise and then decrease?

- Thus, because there is not to much volume , it is in recapitulation and accumulation. If we look better in the new Pattern we can see the resistance that we have often reached or overcome for one simple reason - Liquidations. I did not miss putting others at risk of making a profit in the Bull Trap, because it is a major risk to think about - no one knows how long the raise will take - so yea, I took the risk for myself.
I don't see Bitcoin so beautifully growing to 7K or 8K, because he needs corrections in this zone of Accumulation, i remember Summer of 2016 - 2017 when bitcoin went from 4k to 2k or even to 1,8K. So basically everything it's possible,clear and logically, money could not made it too easy.

Your mind is a simple mechanism that reminds you of the cave through sadomasochism. Think it!

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Trade active: Nice Fakeout to 7K

All Candles closed bellow resistance.

Comments

this the MTA I have on BTC/USD, quite interesting
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