Short-Term Decisive Point - Potential Bearish Pennant Breakdown
$BTC just had a bit of a run up.
However, I noticed since earlier today this channel forming.
Until we break upward out of this channel, I'll take some profits for now.
Why it concerns me that this could be a Symetrical Triangle of a larger Bearish Pennant, is that I can find an ABC subwave in each wave of this ABCDE, making it a valid count.
IF we happen to break downwards as a Symmetrical Triangle/Bearish Pennant, to find the potential drop target, we measure the height of the base (465), and use it as an extension from the exit/drop-out point.
This gives an average target of: ~7350
However, I noticed since earlier today this channel forming.
Until we break upward out of this channel, I'll take some profits for now.
Why it concerns me that this could be a Symetrical Triangle of a larger Bearish Pennant, is that I can find an ABC subwave in each wave of this ABCDE, making it a valid count.
IF we happen to break downwards as a Symmetrical Triangle/Bearish Pennant, to find the potential drop target, we measure the height of the base (465), and use it as an extension from the exit/drop-out point.
This gives an average target of: ~7350
Comment:
Bitcoin price falling rapidly, as soon as it broke the Symmetrical Triangle/Bearish Pennant channel.
Comment:
Bitcoin rebounded strongly so far, right on point with my main target of 7350.
Comment:
We are at a tipping point with BTC, one strong push in either direction will appear to give a valid count.
I don't expect 6000 ranges right now, still sticking with my target range between here (7350) and 7200 being the possible bottom of this wave
I don't expect 6000 ranges right now, still sticking with my target range between here (7350) and 7200 being the possible bottom of this wave