Bitcoin BTCUSD - (Short Term Trade) Potential Bearish Wolfe Wave
Looks more like a Bearish Wolfe Wave to me, which makes me think it's going to try and retest the top of the Bullish Pennant we broke out of last night.
If it's a triangle breakout, target is roughly the next fibonacci level.
I already went long from the pennant breakout, so the only trade I'm making here is to add to my long if it does test the top of the pennant and bounce off, but it wouldn't be unreasonable to try a conservative short if it starts heading down and closing at the top of the pennant.
This is for Bitstamp at least, doesn't look the same on Bitfinex - will check out Coinbase & update.
If it's a triangle breakout, target is roughly the next fibonacci level.
I already went long from the pennant breakout, so the only trade I'm making here is to add to my long if it does test the top of the pennant and bounce off, but it wouldn't be unreasonable to try a conservative short if it starts heading down and closing at the top of the pennant.
This is for Bitstamp at least, doesn't look the same on Bitfinex - will check out Coinbase & update.
Comment:
Sorry meant to post an image of Coinbase:
Since this pattern isn't consistent across exchanges I'm going to advise NOT to short based on this - but it wouldn't hurt to watch, if it does go down and retest the pennant, it would be a good long entry if it bounces off.