This is an update to a previous graph. Everything is perfectly on track for the $330 target. Things can always turn on a dime, but regular followers know how much i love my triangles and we are now able to draw one with the 3rd hit of the horizontal line at $295.
Current Plan: You should already be long, if not pick up Bitcoin at $290-295 If it moves against you, don't panic and can even add more in the $280-290 range if it falls bellow $280 then panic and sell but keep an eye on the rising 50-day SMA, it will provide another chance to go long or perhaps short if that moving average can't hold the price.
I will be adding to my long position on a break over $300 and taking profits at the 200 day SMA which is also the Ascending triangle target. (Time Horizon is 1 to 3 weeks but it's a special skill to get Time and Direction right so I try to stick with direction, it's hard enough)
Good Luck Traders.
Tone (@Tone_LLT) - Head of Research at BraveNewCoin
Nice analysis ! Try some longterm trend lines on log scale aswell :)
In my opinion we are not ready to break that 330 resistance yet. It might spike up to 340 or even 360 but it will be corrected very fast.
After that, another swing down as part of larger downtrend to around 200 is likely.
Next potential downtrend breakout would then be by the end of september.
ToneVays
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I agree, i have a long term chart, that i keep an eye on but will not publish cause i took too many ideas from another TradeViewer... DanV i think but i just happen to agree (i just don't like elliot waves and never use them)
In my opinion we are not ready to break that 330 resistance yet. It might spike up to 340 or even 360 but it will be corrected very fast.
After that, another swing down as part of larger downtrend to around 200 is likely.
Next potential downtrend breakout would then be by the end of september.