Over the past few months, I've generally been looking at the log chart on BTC/USD.
Today, I decided to take a look at it with the log scale turned off. Here's what I came up with:
Let's see how it plays out.
Happy trading and thoughts appreciated as always!
Today, I decided to take a look at it with the log scale turned off. Here's what I came up with:
- In the near term, BTC could see a double bottom in the ~8000 region.
- After that, it could make a push to break out of the symmetrical triangle and make a nice run.
- It may then see a correction to establish previous resistance levels as support, before launching off for a big run to hit the symmetrical triangle target.
- This target also coincides with the 1.618 trend based fib extension shown.
Let's see how it plays out.
Happy trading and thoughts appreciated as always!
Expecting a reversal within the next 12-24 hours.