Long
BTCST/USD Bitcoin Standard Hashrate Token Winding Up.
Updated
Hey guys and gals I wanted to give an update to my idea for BTCST/USD (first idea tagged). My first idea was that we had already broken out of the symmetrical triangle we have been in since the 1:10. After seeing how it's behaved it looks to STILL be within this pattern and I have updated the chart accordingly.
Elliot wave analysis: We are in wave 2 currently waiting to breakout of the sym. triangle. The measured move of this pattern is typically the previous high and low at initial entry of this structure. Once breakout is confirmed we can apply this measured move and confirm the beginning of wave 3. Wave three is typically 1.618 x Wave 1.
Fibonacci analysis: After wave 1 we had a beautiful bounce off the .618 fib level. This will give us a feasible target of the inverse 1.618 which is typically the wave 3 target. It just so happens that the measured move of this triangle breakout lands right on the 1.618, assuming we breakout near the apex.
Short-term: We can breakout at any time. We should know within the week. Look for some volume build up accompanied with the move.
Mid-term: After the breakout, you could set a target for the 1.618, but you could take profits at previous high and then 1.618.
Long-term: Take profits 1.618, buy in at completion of wave 4 to 1.0. Then take profits at previous wave 3 high and wave 5 high.
Elliot wave analysis: We are in wave 2 currently waiting to breakout of the sym. triangle. The measured move of this pattern is typically the previous high and low at initial entry of this structure. Once breakout is confirmed we can apply this measured move and confirm the beginning of wave 3. Wave three is typically 1.618 x Wave 1.
Fibonacci analysis: After wave 1 we had a beautiful bounce off the .618 fib level. This will give us a feasible target of the inverse 1.618 which is typically the wave 3 target. It just so happens that the measured move of this triangle breakout lands right on the 1.618, assuming we breakout near the apex.
Short-term: We can breakout at any time. We should know within the week. Look for some volume build up accompanied with the move.
Mid-term: After the breakout, you could set a target for the 1.618, but you could take profits at previous high and then 1.618.
Long-term: Take profits 1.618, buy in at completion of wave 4 to 1.0. Then take profits at previous wave 3 high and wave 5 high.
Note
Price action has fallen through the downside with a spike in bearish volume. Let's see if it can save itself.Trade closed: stop reached
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