Hoosier812

ABCDE Triangle - Consolidation - Breakout to 11k coming

Long
BITSTAMP:BTCUSD   Bitcoin
BTC - Consolidation in ABCDE Triangle
May 2 - May 22+

Leg C - Bottom 8800
Led D - Target 9600 S/R Level
Leg E - Typically 50% retracement from trendline resistance to support
Target: 9250

ABCDE Triangle = Wave 4 Consolidation of a larger 5 wave impulse
Breakout of Triangle = BTC run to 11k +

Trade:
Rejection of 9600
Bounce off 9200

Entry: 9200-9300
SL: 9050
Target: 10070, 10500, 11000

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.