BitcoinShort
BTC/USD - Triangles - Short & Long Term Opportunities
Updated
According to my latest analyses BTC is still in the bear phase of its cycle and based on my model is set to break the multi-month lows in an attempt to find its bottom in the 3-5K area. For short-term traders, there is an opportunity to trade the break of the triangle. Can be both ways, but personally, am going to trade only the breakdown.
Wish all a great trading day.
Wish all a great trading day.
Note
Update: As expected there was a break of the projected triangle. A quick trade for those who traded the break-up. Now we can see a strong bearish divergence, which alongside with the retest of the downtrend line is an extremely bearish sign.The new idea is to trade that divergence, with a SL above the down channel (Daily chart).
Note
For a better confirmation and to minimise the risks the short trade can be opened if the upside of the channel would be reached, as there is a possibility that the triangle will play out like a flag pattern, which has a target projection exactly touching the channel. But there is still possibility that the price will retrace from the current levels of 6800.Note
Mistake:a pennant, not a flag)Trade active
Update: As expected the price bounced back from the 6800 area, and reached almost 50% of the projected target in less than 2 hours.Note
Update: Check my new chart !!!!
Note
Sorry, not mine - thats a good analyses looking at the much longer term pictureNote
Here is my update: 
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