dreamsound

Bitcoin BTC June-July Prediction : Bearish Symmetrical Triangle!

Short
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Bearish Symmetrical Triangle continuation to the downside pattern playing out!! Watch for the 6th of every month for a key pattern direction change. Lower highs and higher lows with a break to the downside. COUNTDOWN TO JUNE 6th!

Target of 8000-8200 was my original target, but looking at this chart it might have a lot more room to go upwards of 9000 range. Once we change direction we are looking at a downtrend towards target of 6k to 5k bottom.

I am still not clear on the time frames but we might be looking at an extended time frame of 60 days max. If so there might be a lot of consolidation for this pattern to play out each way with the 6th of each month changing the movement as we go towards the end of the triangle.

Also, notice on the 18th of every month it puts the 'breaks' to that continuation from the previous 6th . This usually lasts two to three days. So for example if Bitcoin its going down on the 18th it will go up or stop the downtrend for two to three days and then see continuation again.

Another pattern to look for is on Friday evenings every week. Whatever movement Bitcoin is in, there's a boost towards more of that movement. Then it slows down a bit on the weekends.

I am currently long, raising stop limits on the way up. I will be going short if there's confirmation to the downside.

If the 6th of each month pattern plays out, we might deduce then that we will see a lot of consolidation at some point. During this sideway movement I will be looking into alts.

Look out for updates.

*** This is not Financial Advice. I am making these charts for myself to create a strategy on how to play my next moves. I am choosing to share it so I can hold myself accountable. ***
Comment: The 2 on the chart is not meant to be so low, we are going down, but shouldn't go that far down, likely to be at 7400ish area before big bounce on June 6th. If you want to cash in to buy lower you can but there's no telling how low we'll go so I'll keep buying if I get stopped out until the 6th.
Comment: I was expecting a run up to 8000 area before the drop outside of the bearish symmetric triangle to be broken but that was broken this morning when we went right down below 7k triggering all kinds of stop losses in that area. There might be bounces at 6.5k and 6k but there might be short lived. So far we are right on target for 4.9k. HOWEVER, because this number is becoming increasingly popular 5500 area should be of interest to buy back. Things can always change as we get closer to my target so I'll keep updating. This has been a very interesting month.

Comments

Everything is playing out except not going upwards to 8k and the 6th of the month theory has now been reversed. Keep in mind the 6th and 18th might still play a factor so I am on the look out for those. I am also looking out for bounces at the 6300, 6000, 5500 and 5000 levels. Cost averaging from 6k and below might be a good option because AGAIN as this 4900 area has a lot of interest we might not get that far. 18th of June range its still a possible target for a reversal time-wise.
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