After the recent break of the descending triangle formed from the recent high of 13.5k to the baseline of 9k, BTC seems to be forming a very similar pattern to the bottom formed after the 2018 bear market.
The chart above displays the possible fractal on the BTCUSD pair. Both of the deceasing triangles show several similarities, with the most recent one is forming at a much faster pace.
In order for these patterns to hold true, BTC must maintain the .382 zone like it did in early 2019.
Therefore, IF these patterns continue to complete themselves we could expect BTC to form a complete bottom within the next two weeks.
Once upward movement is confirmed. another move to the .786 level would be extremely likely.
My Plan of Action: I have already started accumulating around the 7850 level. I plan to add if we reach the 7500 level with a fairly tight stop of 7400, or if the trend line breaks.
DISCLAIMER: Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
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due to news. advise caution.
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Seems there is a lot of ETF uncertainty coming to the surface. Likely all fud, however this is a speculative market and any news could drive the price action. Here is a chart with additional support levels if the .382 does indeed fail.
Trade closed: stop reached
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Original trade stopped out. Bitcoin is still above major support. Please see idea below.
@pirszh, sorry i cant post a link, google "ETF Bitcoin News".
Seems there is a lot of ETF uncertainty coming to the surface. Likely this is all fud, however this is a speculative market and any news could drive the price.
pirszh
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@oh92, Thank you for reply! Where is your personal stop loss now?
oh92
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@pirszh, due to the news I personally closed all margin positions due to uncertainty.
However, I still have a spot long with a stop at $7670 or a LL