Rough time and price of bitcoin low point
Updated
Just an update on my previous graph.
I hope no one got caught in the dead cat bounce.
It seems the target for the base of the triangle is still in play, around the 5.7k region.
There is also a trend line at the bottom which could be a target.
If the trend line is hit first that could signal the bottom is hit and ignore the 5.7 target.
However they could both fall together, maybe around the 12th feb.
If you want to take positions at psychological levels before that could be an idea, but have stoplosses in place. you could buy in at 7k and 6k but be ready to sell quickly if those fall.
6k could be a pretty sweet place to buy in as a big bounce there could mess the 5.7 target and waste some opportunities to buy the low.
These are my thoughts i have only learning to trade for under a month so do not take this to seriously. I am enjoying a book called mastering technical analysis by alan northcott.
I hope no one got caught in the dead cat bounce.
It seems the target for the base of the triangle is still in play, around the 5.7k region.
There is also a trend line at the bottom which could be a target.
If the trend line is hit first that could signal the bottom is hit and ignore the 5.7 target.
However they could both fall together, maybe around the 12th feb.
If you want to take positions at psychological levels before that could be an idea, but have stoplosses in place. you could buy in at 7k and 6k but be ready to sell quickly if those fall.
6k could be a pretty sweet place to buy in as a big bounce there could mess the 5.7 target and waste some opportunities to buy the low.
These are my thoughts i have only learning to trade for under a month so do not take this to seriously. I am enjoying a book called mastering technical analysis by alan northcott.
Note
Hmm just realised i measured the height of the base of the triangle should be measured from the time the triangle is broken, not the apex,which puts the prediction down to about 5.35k.
At around the 14th feb if it combines with the lower trend line.
Note
recent fud news is pushing the price down to the green line quite rapidly now, could even hit tonight. so be prepared for a nice buy in op!Trade closed: target reached
it hit the line! but the bounce back has so far been pretty terrible relative too other times it has hit the line, best to have some stop losses in place under the green line now as if it falls back below that it could be very bad
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