Triangle fractals in play : Bitcoin can drop to 8300$
Updated
Bitcoin is consolidating after a huge breakout in the last week of last month. The overall trading volume and volatility have become low again. Bitcoin is currently trading inside a descending Triangle on 12H timeframe which can initiate the breakdown. There is also a CME GAP to be filled around 8700$.
I am expecting Bitcoin to drop 8700$ then bounce to 9250$ and a final leg down to 8300-8400$. 8300-8400$ Area will be a really nice level to LONG Bitcoin for the next few months. Bitcoin should find a bullish direction after 1-2 weeks.
Trade ideas for short term trades:
1. SHORT Bitcoin from 9300-9400$ to 8700-8800$ with STOP: 9500$
2. LONG BITCOIN from 8700-8800$ to 9200-9300$ with STOP: 8500$
3. SHORT BITCOIN from 9200-9300$ to 8300-8500$ with STOP: 9500$
and OPEN A Swing LONG from 8300-8400$ area and hold it for next 4-5 Months, Target: 18000$ STOP: 7500$
I am expecting Bitcoin to drop 8700$ then bounce to 9250$ and a final leg down to 8300-8400$. 8300-8400$ Area will be a really nice level to LONG Bitcoin for the next few months. Bitcoin should find a bullish direction after 1-2 weeks.
Trade ideas for short term trades:
1. SHORT Bitcoin from 9300-9400$ to 8700-8800$ with STOP: 9500$
2. LONG BITCOIN from 8700-8800$ to 9200-9300$ with STOP: 8500$
3. SHORT BITCOIN from 9200-9300$ to 8300-8500$ with STOP: 9500$
and OPEN A Swing LONG from 8300-8400$ area and hold it for next 4-5 Months, Target: 18000$ STOP: 7500$
Trade closed: target reached
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