Alright folks so my last BTT idea was closed out due to the recent market sell off. I have now updated it and it is looking even better. The red line indicates the failed trend line from the previous idea. Green line indicates new trend line and also forms a symmetrical triangle. I have posted the measured move ASSUMING it breaks out exactly at the apex. So this is going to be a conservative measured move as sym . triangles tend to break out 75%-80% through the structure.
Hidden Bullish Divergence: As you can see from the RSI , we have a lower low in contrast to the higher low we just witnessed in the last few days. This dating back to the beginning of our run, starting in Jan-Feb. GREAT for long term traders.
Fib Level analysis. As you can see, we wicked down to the .786 which is actually great. We were able to truly shake out some weak hands and get our BTT at a cheap price. Now we are looking for a candle body close right smack dab on the .618. This would be a truly ideal scenario to continue our bull run.
Elliot Wave perspective- I believe we are entering our third wave on a macro level. So ideally, we would want to the next wave hit 1.618 fib level. This would put us at JUST ABOVE 2 cents.
Conclusion: This is a daily chart analysis. Allow these positions to play out over the next few weeks. Take profits at previous high and also 1.618.
Hidden Bullish Divergence: As you can see from the RSI , we have a lower low in contrast to the higher low we just witnessed in the last few days. This dating back to the beginning of our run, starting in Jan-Feb. GREAT for long term traders.
Fib Level analysis. As you can see, we wicked down to the .786 which is actually great. We were able to truly shake out some weak hands and get our BTT at a cheap price. Now we are looking for a candle body close right smack dab on the .618. This would be a truly ideal scenario to continue our bull run.
Elliot Wave perspective- I believe we are entering our third wave on a macro level. So ideally, we would want to the next wave hit 1.618 fib level. This would put us at JUST ABOVE 2 cents.
Conclusion: This is a daily chart analysis. Allow these positions to play out over the next few weeks. Take profits at previous high and also 1.618.
Trade active
Comment:
Bittorrent is about 75% through this sym triangle. We could breakout on the high side... but I would not be surprised with one more sell off to bounce off that bottom support for a third and final time... and bounce right out of this thing.
Comment:
BTT seems to have pierced the upper limit of this triangle in an attempt to get out of it. I was leaning more towards another sell-off, which would take us down to the bottom and spring us out of this thing. This could still happen. We must wait to see how the day plays out. Either way, BTT is primed to bust out of this thing and try for 2 cents.
Comment:
We have a breakout!