kakanikos

Bitcoin end-cycle

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello everyone,

After the elliot cycle we had a complex correction (simplified in my steemit).
- We completed an apparent (ABCDE) triangle formation ( bullish );
- We touched one of the two major trendlines (precise to the smallest timeframes) before rebounding;
- We reached volumes comparable with the massive uptrend;
- Perfect inversion with a hammer pattern (would mean at least 12 days of growth);
- Weekly Stoch made a bullish crossover.

- Fibs matching perfectly.

- Trendline intact
------------------------

- There is bearish divergence showing already in the 4h chart, meaning there will be better opportunities to buy now;
- There is still massive pressure towards the orange channel;
- This upmove should be the 4th wave of the the 5th elliot wave correction (the last drop before lambo)


I was betting for a lower low (which might still come)
My stop-loss is at: $6.250 USD (to be raised if i can find a wave to count xd )

Profit target 1: (cloud resistance) $7.100 USD
Comment:
reaching cloud support, I bet on a bounce soon.
let us see how we will complete this triangle
Comment:
isn't this a pretty bullish sign? =)

Comments

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