BTC looks to be in a symmetrical triangle which is usually a trend continuation pattern. There is a chance we break out of it on the upside, but we more than likely will break down. If we do go down, things will get interesting because we would then be below the 0.618 fib, which is not a good sign. Because of this fact, a part of me thinks we might find support...
It looks as if we could be forming a head and shoulders pattern. If this plays out I think we could drop and bounce off either 33.5K or 32K. I will be placing my orders at around 32.5K.
Please let me know your thoughts.
I think this is worth a shot as we can see what it is capable of.
Also, its likely that the top of the triangle gets tested again. If it does, the gains could be around 20%, if it breaks, sky is the limit.
As per my previous prediction(see image below), price appears to be retracing. If it continues to play out, I think we could drop to one of two places.
I think we are likely to move up from this point as I think we might bounce off a strong trend line (shown in the chart).
This is another option as there is allot of support at this...
If my my identification of the Elliot Waves are correct, we should see a big movement to the upside very soon.
According to the cycle, the next leg up should surpass the the high of the 5th wave(900 USD).
The more conservative target would be 1000 USD whilst a more optimistic target would be between 1000 - 1200 USD.
If it plays out, there is opportunity for 60%...
Looks like there is a potential change in trend given the inverse head and shoulders that looks to be forming.
If it completes, it will test the 52,000 mark. If price breaks through that resistance we could see it go upwards from there.
If price fails to break through this resistance we could see the downward trend continue.
I will be looking to buy at around...