NickPadovani

BTCUSD- Breakout or retracement to sub-3000s?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Am I bullish? I'd like to think I am, but data is making it hard for me to be convinced. I want to see us first break out of this falling wedge (red dotted lines), but from there, we have quite a heavy resistance to break (which by my count, it'll bring us to around 9800, and I would like to see on the 23rd). If we break up beyond 9800, I'm calling a breakout, in which I suggest opening a long and profit taking at 14400 for a nice 47% gain. As for the stop loss, I would call it around 8400. Let's take a look at the alternate, and unfortunately very plausible scenario.

If we don't break out of this downward channel , then I would consider us to be in the midst of an ABCD correction, and we're currently on the D wave. Using strict rules, if we use the same amount of days for the AB cycle (51), that should bring us to 4/24 to complete CD, which would bring us to around 3380 (assuming an equal length CD). A lot of people have been calling 3300 BTC , and I thought that sounded insane, but it really doesn't anymore.

I'm not saying the latter is definite, but I wouldn't rule it out. Please be very cautious with your trades, and set your stop losses accordingly.

Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out