BTCUSD
As you can see on the 4-hr chart Bitcoin has been consolidating inside a triangle for the last 12 days, that after a 5 day, 5-wave upward movement from the lows of about $6,500 USD to the highs of $7,860 USD, a move of about $1,360 USD.
Triangles are known as consolidation patterns, so after it completes, the most logical scenario will be for a continuation move upward with a price target of about $8,500 USD, that assuming the next upward move will be the same size as the first one coming from the $6,500 lows.
A move above $7,700 USD will be necessary to confirm an upward break of the triangle, if that where the case, the target will be $8,500 USD.
In Elliott Wave Terms, this is a typically, but unconfirmed ABC Zigzag Upward Correction Pattern, with wave A and C being an impulse, and wave B being a symmetrical triangle pattern.
Of course, if we break below $7,000 USD then this scenario will be invalid.
So, here is my analysis, I’m hoping you’ll find it helpful.
Good Luck to You
Comment:
I'm setting a stop loss at $7070 USD.
Trade closed manually:
I'm sorry, I just don't like how it is behaving. Out with $100 USD loss.