Bitcoin: Triangle Pattern Might Send Price to as Low as $23000
Hi Traders!
BTCUSD made a sharp decline in wave "a" from its $42000 high, and since then the price has been trading in a sideways which now make Elliot Wave sense.
The sideways move is known as the Triangle pattern and it usually contracting with series of 5 three-wave sequences, labeled as (A)-(B)-(C)-(D)-(E) on the chart.
According to the theory, once a triangle is completed the price will resume in the direction of the original trend and thrust out the contracting barrier.
So it's plausible to expect a decline below wave (E) low in the days ahead and the price will most likely find a bottom within 100% extension of wave "a", blue zone. That's a target within $25000 - $23000 is high probable once price thrust out of the triangle.
The price must stay below the red line for this count to remain valid.
Disclosure, I've got a short position with a stop at $34851, upper red line.
What's your view on Bitcoin? Let me know in the comment.
Thanks for reading!
Veejahbee.
BTCUSD made a sharp decline in wave "a" from its $42000 high, and since then the price has been trading in a sideways which now make Elliot Wave sense.
The sideways move is known as the Triangle pattern and it usually contracting with series of 5 three-wave sequences, labeled as (A)-(B)-(C)-(D)-(E) on the chart.
According to the theory, once a triangle is completed the price will resume in the direction of the original trend and thrust out the contracting barrier.
So it's plausible to expect a decline below wave (E) low in the days ahead and the price will most likely find a bottom within 100% extension of wave "a", blue zone. That's a target within $25000 - $23000 is high probable once price thrust out of the triangle.
The price must stay below the red line for this count to remain valid.
Disclosure, I've got a short position with a stop at $34851, upper red line.
What's your view on Bitcoin? Let me know in the comment.
Thanks for reading!
Veejahbee.
Kommentera:
Technical Price Action Perspective: Price is rejecting higher prices at a confluence of trendline and supply and demand zone.
Trade stängt: Stopp nått:
Invalidated
