Bitcoin - Best trade is to wait.
In earlier chart I posted that Bitcoin at that time formed an Adam and Eve pattern. The pattern is a text-book example of what the target would be if such formation breaks up. Unfortunately price experienced a fierce rejection, based on the expectation that bitcoin would form a cup on this Eve the target zone to buy was 3800ish nonetheless, if you entered based on the idea of 1/3 retracement (cup and handle) should have been a good R:R trade, Stoploss below 3750 should have done the job, so that would have been a minimal loss now that BTC is trading near 3700.
My thoughts are that bitcoin has two structural targets, if indeed the handle fails, which would happen below 3400 we are looking at bearish continuation with targets of 3350/3150/2675/2565.
If Bitcoin continues to be bullish and re-establishes support we should see a consequent retest of 4100 then most likely a retest of 3800 and further up continuation towards 4700/5100.
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-TheTrex
My thoughts are that bitcoin has two structural targets, if indeed the handle fails, which would happen below 3400 we are looking at bearish continuation with targets of 3350/3150/2675/2565.
If Bitcoin continues to be bullish and re-establishes support we should see a consequent retest of 4100 then most likely a retest of 3800 and further up continuation towards 4700/5100.
Hope you like my quick view, like/comment for more and if you want to see more frequent updates check out my bio/signature!
-TheTrex
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