MuffyPuffy
Long

Just in case for a bull run (11000$ target)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The last upwave was stronger than the most of us expected. (we've broken a 1.168 extention)
Now we have formed a perfect leading diagonal , which is wave 1 of a possible starting Elliott Wave .
Inside a diagonal, the perfect pattern would be 5 times an ABC wave, which i can easily construct.

Nevertheless, a retracement is highly possible now due to the fact that we are at the end of the leading diagonal , at the top of the red longterm resistance line and overbought for the second time.
The natural target would be 7250$.
Staying above the black support line at nearby 7450$ is possible too and would be very bullish .

IF we start an Elliott Wave , than the next targets would be 9500$ and 11000$.

DYOR
Cool analyis! if wave 3 does not break about the red bear trend line, we have a H&S, and we will see about 6k again maybe ..
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out