BTC/USD going to re-test 7.4K end of next month
I think Bitcoin has bottomed out. It is repeating its meanwhile nine months old pattern on a smaller scale. While the higher time frame is still producing lower highs, the smaller pattern imitating it is making higher highs but lower lows or more like same height lows. I expect that the pattern will move towards 6900 before repeating the heavy sell-off segment. After that, the larger pattern should begin to inherit the higher highs of the smaller one and send BTC to a re-test of last swing high at 7400 before making an actual higher high in november somewhere in the 8k range.
The descending triangle that everyone is talking about is invalid in my humble opinion since it requires a flat support line. If you measure the fib extensions
from swing high to swing low you can notice that the price is hitting smaller extensions every time. That means that the support line is actually not flat but an exponential curve. It may appear to be flat for some time, but in fact it is expanding rapidly very soon. It found it's most flattened out region at the inverted head and shoulders in July, what a beautiful coincidence!
That said, my theory stands and falls with BTC breaking or holding 6k after the sell-off segment that should repeat after hitting 6900. If Bitcoin can hold after the dump we are set to go only but higher and should see a decent rally up to 9000 - 10200 in December.
The descending triangle that everyone is talking about is invalid in my humble opinion since it requires a flat support line. If you measure the fib extensions
from swing high to swing low you can notice that the price is hitting smaller extensions every time. That means that the support line is actually not flat but an exponential curve. It may appear to be flat for some time, but in fact it is expanding rapidly very soon. It found it's most flattened out region at the inverted head and shoulders in July, what a beautiful coincidence!
That said, my theory stands and falls with BTC breaking or holding 6k after the sell-off segment that should repeat after hitting 6900. If Bitcoin can hold after the dump we are set to go only but higher and should see a decent rally up to 9000 - 10200 in December.
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0.618 didn't hit, were the bulls too weak? This wasn't the rally, guys. This month was another round of accumulation. I eat my dick on television if we don't go up from here. Worst case mid 5k range, but I doubt we will even touch 6k again. After four months of accumulation, would you allow for lower prices? I wouldn't let you buy cheaper than I did.
You happily sold the descending triangle anyway, right?
Mission accomplished.
Buy alts.
You happily sold the descending triangle anyway, right?
Mission accomplished.
Buy alts.
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6250 entry worked well!
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7.4k surpassed on Bitfinex. Does it count? :)
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on binance too though, this trade was huge success. suck it bottom shorters.
Trade closed manually