I hope you enjoyed my Ethereum idea I posted two days ago. Bitcoin's chart looks similar to my Ethereum chart on a larger timeframe.
Bitcoin is forming a Running Triangle on the daily timeframe. If it completes this pattern it should drop to around the $7k mark to complete wave E. If it decides to do what Running Triangles usually do it should then breakdown further and make a nasty drop. However, it has to breakdown several big support levels to do so. Right now bitcoin touched two quite big 0.618 support levels and it could make a bounce from here, but the bounce should've been bigger in my opinion so I don't have high hopes it will hold these levels. If it breaks the 7800-7700 we will likely see $7k.
I will try and update along the way.
Bitcoin is forming a Running Triangle on the daily timeframe. If it completes this pattern it should drop to around the $7k mark to complete wave E. If it decides to do what Running Triangles usually do it should then breakdown further and make a nasty drop. However, it has to breakdown several big support levels to do so. Right now bitcoin touched two quite big 0.618 support levels and it could make a bounce from here, but the bounce should've been bigger in my opinion so I don't have high hopes it will hold these levels. If it breaks the 7800-7700 we will likely see $7k.
I will try and update along the way.
Note
So it dropped like crazy yesterday. No bullish signs yet thus I expect to see a drop to the bottom of the Running Triangle. On the short term I can see it move up to $7800 to make a further drop down. I'm going to add to my short position at that level.
Note
It's going great so far, next target: ±$5k
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.