Why do I think so:
Point B was a .618 retracement of A.
At point C, after the first green candle out it retraced by .786. .786 retracement typical targets are XXX, XXX, and XXX
The XXX target stated earlier sits right at the .618 retracement of B-C
The overthrow of E in the triangle would drop it right down to where the gap is.
Coincidentally... if CD retraces by .618 of BC. Then as we know what the typical .618 retracement of B-C targets are XXX, XXX and XXX putting E right at the gap close.
Also notice the 3 wave nature of each leg, making it a 3-3-3-3-3 Triangle.
As of right now, I don't want to reveal what typical targets are as they are proprietary information, but feel free to figure them out.
*Note: This does NOT mean BTC is Bullish nor Bearish. I cannot predict the future, I just read what's in front of me and what the potential is.
Point B was a .618 retracement of A.
At point C, after the first green candle out it retraced by .786. .786 retracement typical targets are XXX, XXX, and XXX
The XXX target stated earlier sits right at the .618 retracement of B-C
The overthrow of E in the triangle would drop it right down to where the gap is.
Coincidentally... if CD retraces by .618 of BC. Then as we know what the typical .618 retracement of B-C targets are XXX, XXX and XXX putting E right at the gap close.
Also notice the 3 wave nature of each leg, making it a 3-3-3-3-3 Triangle.
As of right now, I don't want to reveal what typical targets are as they are proprietary information, but feel free to figure them out.
*Note: This does NOT mean BTC is Bullish nor Bearish. I cannot predict the future, I just read what's in front of me and what the potential is.
Note
Did not hit point D.Length of DE = .618 of Length BC
Possible target-zones up top. Wont know for sure until the first wave out of E
Here's the adjusted:
Note
Probably won't pop until Monday, but once it hits a red target. I'm bearish.Note
Demand is dying off. If demand doesn't suddenly come in and break the highs, which is starting to seem unlikely. Looking for a short position after the bounce. Note
Oops forgot to update thisShort term:
Longer term possibility:
Note
Here's what I see happening:Note
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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.