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Oops_I_Charted
May 15, 2017 2:41 PM

Bitcoin BTCUSD - Dead Cat Bounce Short

Bitcoin / U.S. dollarBitstamp

Description

The other patterns I was following broke down - it's now looking like a dead cat bounce.

First target would make a double bottom, second target would be of equal length to the first leg down, and hit the previous consolidation point/fibonacci level.

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Just wanted to add another thing to watch for in case it starts reversing (just want to be prepared for as many scenarios as possible):

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On the edge of my seat...

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Looks pretty clear that it's going for the pennant:

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Just updating for my records that it did turn out to be the pennant and already broke out!
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