Get started
davelunlun

Forming Wave E to complete the Contracting Triangle.

Bitcoin (BITFINEX:BTCUSD)  
davelunlun Updated   
BITFINEX:BTCUSD   Bitcoin
Trend Analysis Chart Patterns Wave Analysis
3
1
trendanalysis chartpattern waveanalysis
Target Wave E = $7,980 - $8,050, which is also the level of 0.618 Fibonacci of Wave D and Major Up Trend Line (yellow line) for BTC/USD. If targeted Wave E complete at what is expected and bounce up decisively, then it could manage to avoid the Death Cross scenario (MA 50 crossing MA 200) and confirm the Buy Signal based on the MACD.

Comment:
Getting closer and closer to the Contracting Triangle's apex.

Expecting breakout in any time.
Comment:
1st Resistance Zone: $8,500 - $8,700 (Major Down Trend Line - white line).

2nd Resistance Zone: $9,300 - $9,450 (MA 200 & MA 50).
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.