Nearing consolidation
Updated
I am no expert by any means. As a matter of fact, this is my first shot at TA with no formal training. Unless you count scouring social media feeds and watching YouTube tutorials training.
Any ways, in the grand scheme of things, I believe we're near the end of consolidating off the ATH of BTC. The 4H 1Y chart shows a big wedge of a triangle and BTC is oscillating quite nicely between the wedge. Within the ABCD pattern there are sub (Elliot?) waves labeled 1-2-3-4-5. Wave E is just about to be completed and should fall to lower lows (7300-7400USD). It should complete the triangle then. The question is, does the price then breakout upwards? or downwards to test support @ 6K and 4.6K....
Yay for my first post. Please don't listen to me. This is only my opinion and a wild guess.
Any ways, in the grand scheme of things, I believe we're near the end of consolidating off the ATH of BTC. The 4H 1Y chart shows a big wedge of a triangle and BTC is oscillating quite nicely between the wedge. Within the ABCD pattern there are sub (Elliot?) waves labeled 1-2-3-4-5. Wave E is just about to be completed and should fall to lower lows (7300-7400USD). It should complete the triangle then. The question is, does the price then breakout upwards? or downwards to test support @ 6K and 4.6K....
Yay for my first post. Please don't listen to me. This is only my opinion and a wild guess.
Note
Well, that was quick. A few minutes after posting this, BTC price pierced the upper trend line. Let's see if it holds and closes up on the 4H candle.Note
Since discovering The Andrews Pitchfork, I've applied it to almost every graph I can see it working and with this current rally of a downtrend in BTC, I suspect it has bounced off the upper channel and is heading towards the median line. At which I've labeled and targeted @ 7780USD. Let's see what overnight price actions shows us.
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