Bitcoin / TetherUSShort
Bitcoin: Triangle Pattern Might Send Price to as Low as $23000
Updated
Hi Traders!
BTCUSD made a sharp decline in wave "a" from its $42000 high, and since then the price has been trading in a sideways which now make Elliot Wave sense.
The sideways move is known as the Triangle pattern and it usually contracting with series of 5 three-wave sequences, labeled as (A)-(B)-(C)-(D)-(E) on the chart.
According to the theory, once a triangle is completed the price will resume in the direction of the original trend and thrust out the contracting barrier.
So it's plausible to expect a decline below wave (E) low in the days ahead and the price will most likely find a bottom within 100% extension of wave "a", blue zone. That's a target within $25000 - $23000 is high probable once price thrust out of the triangle.
The price must stay below the red line for this count to remain valid.
Disclosure, I've got a short position with a stop at $34851, upper red line.
What's your view on Bitcoin? Let me know in the comment.
Thanks for reading!
Veejahbee.
BTCUSD made a sharp decline in wave "a" from its $42000 high, and since then the price has been trading in a sideways which now make Elliot Wave sense.
The sideways move is known as the Triangle pattern and it usually contracting with series of 5 three-wave sequences, labeled as (A)-(B)-(C)-(D)-(E) on the chart.
According to the theory, once a triangle is completed the price will resume in the direction of the original trend and thrust out the contracting barrier.
So it's plausible to expect a decline below wave (E) low in the days ahead and the price will most likely find a bottom within 100% extension of wave "a", blue zone. That's a target within $25000 - $23000 is high probable once price thrust out of the triangle.
The price must stay below the red line for this count to remain valid.
Disclosure, I've got a short position with a stop at $34851, upper red line.
What's your view on Bitcoin? Let me know in the comment.
Thanks for reading!
Veejahbee.
Note
Technical Price Action Perspective: Price is rejecting higher prices at a confluence of trendline and supply and demand zone.Trade closed: stop reached
Invalidated
Related publications
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.