Bitcoin next target could be $5,800
Updated
Looking at the chart of bitcoin, a rounded top is starting to form. There was a long wick that would have taken out a lot of stop loss orders near the $8,569 area before being rejected.
This has formed a slightly HIGHER HIGH. For me, this is a sign of further downside momentum to follow. As there is a larger time frame pennant pattern forming, I am more inclined to follow the overall trend and look for a breakout to the down side. With the HIGHER HIGH wick just formed, it is a good time to accumulate a small position for a short entry now.
If wrong and bitcoin pumps up, i'll be happy to take a small loss.
Should it break the pattern to the downside, i'll be looking at short opportunities all the way down to the $5,800.
Not to mention, all of the altcoins will be in sell-off mode too.
Trade safe.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
This has formed a slightly HIGHER HIGH. For me, this is a sign of further downside momentum to follow. As there is a larger time frame pennant pattern forming, I am more inclined to follow the overall trend and look for a breakout to the down side. With the HIGHER HIGH wick just formed, it is a good time to accumulate a small position for a short entry now.
If wrong and bitcoin pumps up, i'll be happy to take a small loss.
Should it break the pattern to the downside, i'll be looking at short opportunities all the way down to the $5,800.
Not to mention, all of the altcoins will be in sell-off mode too.
Trade safe.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Note
A break of the 15min rising wedge would spell trouble for BitcoinNote
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