Long

$18.5k Target. E wave of Expanding Wedge Correction

Updated

Been watching BTC for a long time to determine where it is going and the new price info is starting to become useful again. Atm it seems to be performing a rare triangle correction in a ABCDE wave pattern. Whether this could be a bullish or bearish expanding wedge, its unclear but I have not yet abandon the idea of a 8k BTC. The daily MACD has yet to cross under as well, so I am going to bet on bearish here. The only thing that changed in my analysis is that I am no longer calling this a H&S and this rise to 18.5k would be the peak of my B wave before going down to 8.7k and touching the 0.618 to finish a major correction.

Btw, I am saying buy now to 18.5k. The buy targets below at 8.7k and 6.5k is after the wedge breaks, so you have a clear idea of the overall game plan.

Reversal Notes:

A break below 13K will invalid this long position and go straight down into correction.
A break above 19k would probably invalid the expanding wedge but that target is uncleared depending on timeline. But whether it breaks above, it still needs to come back down to touch support and confirm if a bull / bear trend is actually in play here. So I would still sell at the top of the resistance.

Tip Jar for being Right
BTC: 16VhzB59twANDvinuWzGJqdNWor9b9Uym2
LTC: LgegoiHGwN8UmoobmSn69nrDU3fvjTuudp
ETH: 0xA21844A23d6C18384101E67313C1260449F5cbf2

Note

The indicators for the short term doesn't look too good. Current price is 13.7k, but 13.2k might be a better good buy in price for this long.

GramTooNoob

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