Short-term bullish/bearish scenario for BITCOIN!
For a symmetrical triangle, the IDEAL pattern shows 3 touches. 3 Lower highs and 3 higher lows. We are now at the 3rd touch of this triangle, at the top.
Technically speaking, this pattern can send us to either $5,450, or $7,200+.
As we speak, Bitcoin is finding resistance at the . of the swing high/low from the Tether pump, but is showing extreme strength.
On the , we broke out of the lower high pattern on the daily:
Weekly close above $6,800 with .
Targets are $7,300/$8,145/$8,950/$9,450
Weekly close below $6,400
Target would be $5,450.
I believe Bitcoin may finally be breaking downtrend.
In the link below, I analyze the monthly chart on Bitmex, Bitfinex, and Bithumb.
In my monthly analysis I found that Bitcoin is showing a lot of hidden strength. Please click below and read for more details.
My name is MC_Peewee
but you can call me teh Salesman.
$8k would be the target of this triangle break.
SO FAR, we stopped at the 0.5 retrace for this ENTIRE move since Oct 29th.
The 0.5 retrace is around $6,390.
The .618 is around $6,350.
If we hold above at least $6,350, we could potentially be seeing the end of a wave 2, start of a wave 3 on the daily. Woudln't THAT be nice :D
Right now I'm neutral leaning bullish, this seemed like a stop hunt to me.
The daily is holding above 50 RSI, but we have a bearish enulfing candle.
If we do, this will be a very, very bullish sign.
This is a possibly good sign.
Let's see who wins..