I'm now targeting the $265-$280 area. It turns out my descending triangle was actually a bullish descending wedge. I'm now long and watching $190 strong support. It may not be immediately, but somehow, sometime, we are going to reach that $270 area again.
Price is bouncing at support as I type this, so I'm thinking this may be it despite the lack of a real V-shape other than the one right before that descending wedge. It's not pretty, but it's there. We also have what I would call climactic volume, so in light of the circumstances, I think it's a safe bet that a long here will pay off.
Good show while it lasted. I hope everyone made money.
Donate and I will love you till I die: 1KbNCKfxKbAuQtCmonhzeTFEM7JLi6gerP
Great analysis, we were looking at the same 'descending wedge' and I am also looking at the 265-270 area on BTC-e for a short position.
MoonTrader
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I don't know if I'd necessarily be shorting there. We have to get there and see first, but right now I'm bullish.
ChartArt
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I wanted to give you credit anyway that you are one of the few, maybe the only trader I see here, which are able to quickly make up their mind and change their plan if their current idea doesn't work 100% anymore. Whereas most stay in their bearish or bullish sentiment even if conflicting new information emerges and then go against the trend.
MoonTrader
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Thanks!
Burrmarket
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Looks like a bulltrap to me. I would find a downside target.
MoonTrader
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It does look like that, doesn't it? Looks can be deceiving.
Noobincrypt
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u have the similar upper targets as me (-10$ on btce). I expect 230-245 on btc before a pull back as low as 190-200, followed by a rally around 275 to 300 before we dump to 100/133$, its my first time speculating this using fibs and EWs.
Great analysis, we were looking at the same 'descending wedge' and I am also looking at the 265-270 area on BTC-e for a short position.