BITCOIN - Trade Setup for the next big move
Updated
Bitcoin is consolidating between the long term logarithmic resistance and the lower support of what was previously a large rising wedge. On the smaller time frames we're in a pennant whose validity can be supported with declining volume. A strong breakout to either side with volume, presents the opportunity to open a margin trade.
Break Up: I'd like to see this go beyond the 261.8% fib before saying we are heading to a 10k target in December of this year. Entering on the breakout of this pennant would give a great low position to hold in the long term, for those of you who don't day trade.
The big Elliot wave pattern playing out on the long term is still looking good, and will complete at 10k if we break up. ABC correction will ensue and put us into a bear market that may only last a few weeks.
Break Down: I can see a large H&S playing out and if we break down, it would complete the head of this formation. If the third shoulder of this formation completes, we will see retest the $4965 level and potentially even 4500. After this the megabull should resume.
Break Up: I'd like to see this go beyond the 261.8% fib before saying we are heading to a 10k target in December of this year. Entering on the breakout of this pennant would give a great low position to hold in the long term, for those of you who don't day trade.
The big Elliot wave pattern playing out on the long term is still looking good, and will complete at 10k if we break up. ABC correction will ensue and put us into a bear market that may only last a few weeks.
Break Down: I can see a large H&S playing out and if we break down, it would complete the head of this formation. If the third shoulder of this formation completes, we will see retest the $4965 level and potentially even 4500. After this the megabull should resume.
Trade closed: target reached
GG we are here!
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