What's next in the pattern?
Take note of the Red And Green Trend Lines which are divergent to each other.
The orange rising trend lines are parallel to each other.
Pan through the price history and see how this pattern played out in the past.
Use caution and correct judgement in using this strategy to trade!
This is meant for educational purposes only.
Remember to always, always place your trailing stops at the appropriate levels.
Be prepared for either scenario.
Happy Trading Everyone.
Ron
===============================================
Check out these still valid mid-term outlook for Bitcoin using:
Support and Resistance Lines
The Trend-Based Fibonacci Extension Tool
Elliott Impulse And Correction Waves
===============================================
Check out these still valid long-term outlook for Bitcoin using:
Bitcoin ABC Elliott Correction Wave & Gann Boxes
Bitcoin's Most Common Reversal Levels
Fractals: Hmmm, Pretty Similar To Me Bitcoin
Take note of the Red And Green Trend Lines which are divergent to each other.
The orange rising trend lines are parallel to each other.
Pan through the price history and see how this pattern played out in the past.
Use caution and correct judgement in using this strategy to trade!
This is meant for educational purposes only.
Remember to always, always place your trailing stops at the appropriate levels.
Be prepared for either scenario.
Happy Trading Everyone.
Ron
===============================================
Check out these still valid mid-term outlook for Bitcoin using:
Support and Resistance Lines
The Trend-Based Fibonacci Extension Tool
Elliott Impulse And Correction Waves
===============================================
Check out these still valid long-term outlook for Bitcoin using:
Bitcoin ABC Elliott Correction Wave & Gann Boxes
Bitcoin's Most Common Reversal Levels
Fractals: Hmmm, Pretty Similar To Me Bitcoin
Comment:
This downside action may not be done yet, but the RISE part of the cycle will be coming soon. Patience, Patience Patience.
Comment:
The next part of the cycle is the RISE portion.
Comment:
and since the trend is upwards in the short term, there’s now a greater probability of price creating a new higher PEAK, which will be followed by the DROP.
In a bigger picture, Bitcoin has a rising wedge pattern, which is bearish in nature
which give the DROP following the PEAK a higher probability.
Breakout from the horizontal triangle is imminent. Watch out for the rising triangle breakout soon which is a drop.