I haven't posted in a while now so here it goes.
BTC/USDT - could there be a possible (reversal) breakout of the bearish pennant?
It is my simple and humble technical analysis analysis of a possible reversal. I think we could see a possible reversal play out to the upside on the 4hr chart.
Watch closely and wait for the price to breakout above of the Elliott Triangle wave (D) and then retest of trendline to confirm completion of wave 1 of Elliott wave. If support holds around the trend line zone, a likely bullish scenario might playout.
I have placed my targets 1 and 2 based on Fib retracement (1.61 and 2.618) levels. >>>>please note<<<< this is all reliant on the completion of wave 1(Elliott Wave) as it might be a fake out.
Target 1 : $44,200 - $45,200
Target 2 : $47,200 - $48,200
<<<<<This is not financial advise, please always do your own research before taking any risks>>>>>>>>>>
BTC/USDT - could there be a possible (reversal) breakout of the bearish pennant?
It is my simple and humble technical analysis analysis of a possible reversal. I think we could see a possible reversal play out to the upside on the 4hr chart.
Watch closely and wait for the price to breakout above of the Elliott Triangle wave (D) and then retest of trendline to confirm completion of wave 1 of Elliott wave. If support holds around the trend line zone, a likely bullish scenario might playout.
I have placed my targets 1 and 2 based on Fib retracement (1.61 and 2.618) levels. >>>>please note<<<< this is all reliant on the completion of wave 1(Elliott Wave) as it might be a fake out.
Target 1 : $44,200 - $45,200
Target 2 : $47,200 - $48,200
<<<<<This is not financial advise, please always do your own research before taking any risks>>>>>>>>>>
Note
I have updated the chart and re positioned the Elliott waves and target projections please let me know what you think :)
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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.
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.