Waves Within Waves? Short in the near term Long in the long term

Over the past few months, I've generally been looking at the log chart on BTC/USD.

Today, I decided to take a look at it with the log scale turned off. Here's what I came up with:

• In the near term, BTC could see a double bottom in the ~8000 region.
  
• After that, it could make a push to break out of the symmetrical triangle and make a nice run.
  
• It may then see a correction to establish previous resistance levels as support, before launching off for a big run to hit the symmetrical triangle target.
  
• This target also coincides with the 1.618 trend based fib extension shown.
  

Let's see how it plays out.

Happy trading and thoughts appreciated as always!

Kommentera:

Price reached the ~8000 region per bullet #1 in my original post. We will now wait and see if it continues to the downside or reverses.

Expecting a reversal within the next 12-24 hours.