TradingView
JoelRBishop
Jun 5, 2021 12:39 PM

Bitcoin Trade Target Short

Bitcoin / TetherUSBinance

Description

Bitcoin has broken out of consolidation to the downside. Using the flagpole to flagpole method gives us a trade target of about 16k!

Good luck

Comment

Previous analysis from earlier this morning

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The Fibonacci Extension Tool shows the 16k area as the 2.414 extension from the initial pivot of the downtrend

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Looks like we fell out of the triangle on the 3 day chart

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Looks like plenty of downside ahead on the Volume Supported Linear Regression

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Comments
cryptoxepa
I like your analysis.
JoelRBishop
@cryptoxepa, thank you!
amirrezadentist
It seems first downs to 32k and then we should talk about it
JoelRBishop
@amirrezadentist, let's do it!
JoelRBishop
@amirrezadentist, sell now or at 32k and get twice as many bitcoin as you originally had at 16k! ;-)
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