Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Looking at a possible ABCDE sub wave 4 Correction to 9.3k and a retest of the recent breakout of the multi-month descending triangle from June to September before the last leg of wave 3 down to 4.3k
Trade closed: stop reached
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Bulls failed to pull of an ABCDE, Looks like were going down
How about the 200 MA on the daily? Given the volume profile would you discount the view bitcoin is in a descending wedge formation?
Rachel_T
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Looking good so far
Rachel_T
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Re-Opened Long, let's see if this plays out afterall
VasilyTrader
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good!
legi4
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Great idea!!!
MikeColfs71
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So that would invalidate the bear flag pattern??
Rachel_T
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@MikeColfs71, An expanding triangle pattern is a type of bear flag often found in wave 2 and 4, it finishes with a sharp rise in wave E often out of nowhere and violent, ending in a fast drop, seen as a stop hnut by most people. Only a fall below the dotted baseline with the 2 previous lows would invalidate this bounce of wave E