homirne

Flag or triangle formation

Long
BITSTAMP:BTCUSD   Bitcoin
I am not 100% sure but it is very likely that price continue upward trend at least in mid-term. The first expected price to be reached is 9800 and 10k. This is based on Elliot wave, which indicates that we are completing the second wave. Some also calls this a Flag pattern.
9350-9400 could be an acceptable price for putting stop-loss.
A good proof for taking long position in this situation is a confirmed break-out of the triangle.
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.