After not quite getting to the 5k mark, BTC has consolidated and entered into a large triangle pattern on the daily chart, bouncing from 3900 to 4700 to 3950 to 4400, and is currently around 4000. So, where will it go?
If my wave numbering is accurate, which I believe it is, BTC price will be heading down. As noted on the chart, my target zone is the 2600 to 3000 range. This is arrived at in a number of ways: 1) Retrace to 618 FIB. 2) Height of triangle pattern. 3) Dip below SMA100 (which has always happened after a high). 4) Trend line with previous retracement bottoms.
So, when will it go?
It could start its drop today, but there is a chance we get a bounce off the resistance around 4000 which sends it back to the 4400 range one last time. In this case, it could be as long as 4 to 6 days. At any rate, one should be ready to exit long positions (if still holding) or open short positions. Look for a clear break or good bounce before making a move.
Lastly, if the 5th wave has not been completed (as I have noted it has), the price could break out the top of the triangle. Setting buys above would allow for catching what could be a big move up to the 5400 to 5600 range. Although that is not the expectation, it is certainly a possibility.
...but what do I know, I'm just a space suit engineer, not a trader.
Good luck!
If my wave numbering is accurate, which I believe it is, BTC price will be heading down. As noted on the chart, my target zone is the 2600 to 3000 range. This is arrived at in a number of ways: 1) Retrace to 618 FIB. 2) Height of triangle pattern. 3) Dip below SMA100 (which has always happened after a high). 4) Trend line with previous retracement bottoms.
So, when will it go?
It could start its drop today, but there is a chance we get a bounce off the resistance around 4000 which sends it back to the 4400 range one last time. In this case, it could be as long as 4 to 6 days. At any rate, one should be ready to exit long positions (if still holding) or open short positions. Look for a clear break or good bounce before making a move.
Lastly, if the 5th wave has not been completed (as I have noted it has), the price could break out the top of the triangle. Setting buys above would allow for catching what could be a big move up to the 5400 to 5600 range. Although that is not the expectation, it is certainly a possibility.
...but what do I know, I'm just a space suit engineer, not a trader.
Good luck!
Trade active:
Price broke down out of the triangle pattern formed on the daily. Shorts/sells executed. Make sure stop losses/buys are in place.
... but what do I know, I'm just a space suit engineer, not a trader.
Good luck!
... but what do I know, I'm just a space suit engineer, not a trader.
Good luck!