TulpenFieber
Short

BTC - Time to place your bets

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The bigger symmetric triangle broke down leading us to where we are now. Target of the symmetric triangle, which also coincided with the maximum extension of Elliot's corrective Wave C (which is 1.618 time wave A or "beyond"), was the thick red line below @ 7.4k.

Now BTC has formed yet another symmetric triangle trying to break upwards, which if succeeds could reach the target @ 12.3k (target is an approximation, depends on where the triangle breaks).

You also notice a falling wedge forming, and BTC has only been scratching the upper resistance and it never moved anywhere near the lower support.

Also it is said that Elliot Corrective Wave C occurs in 5 impulses and 2 are still missing.

Now there is another important trendline (denoted in green) from my other ideas which hasn't been touched yet (though there is high probability that it will be violated leading to newer lows, it's important and it has to be touched and BTC isn't going anywhere up without visiting it)





All of this leads me to the bias that there is more of downside than upside for now.

But all of this, which is logical and practical, said and done, BTC can choose to be illogical and impractical and do the exact opposite!!!

So, raise or fold??? Absurdity or common sense???
Comment: I hope my sharing of ideas helps each of you in someone way! A huge thanks to all the followers, people who hit the like button, people who appreciate and constructively criticize in the comments, people who share a nice conversation on the chat and including the one who anonymously visit. Without you're support, I wouldn't be able to do this! Thank you!
Comment: BTC decided to stay inside the triangle, that doesn't mean it won't try to break out again. The clever design of the system is trading BTC right on top of the trendline on the daily, thereby making it hard to say if we go down or go up today. It's anybody's guess for now!
Comment: The upper resistance of the symmetric triangle is not drawn properly, ignore the violation there.
Comment:
Trade active
Comment: Target 12.3k

Resistances on the daily:
11.4k
11.7k
Order cancelled
Comment: Updates:
Brave analysis.
+1 Reply
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