As long as BTC doesnt break up through the blue trendline, I'm awaiting further downside towards the blue box to complete the ABC correction.
Right now in a pennant and could break any moment, or do one more leg up.
The flat pattern which I showed this morning on Twitter is also still a bit in play but normally the spike down invalidates this pattern. But all other movements fit in a flat pattern. In that case we already made last leg up and as this flat is Trend Continuation Pattern, it should go down.
Fundamentally: more and more rumours about bad news from China....
Be cautious, check your alts and dont become a badholder if this plays out.
Right now in a pennant and could break any moment, or do one more leg up.
The flat pattern which I showed this morning on Twitter is also still a bit in play but normally the spike down invalidates this pattern. But all other movements fit in a flat pattern. In that case we already made last leg up and as this flat is Trend Continuation Pattern, it should go down.
Fundamentally: more and more rumours about bad news from China....
Be cautious, check your alts and dont become a badholder if this plays out.
Note
We may get some correction here, before final push to complete the ABC correctionNote
We saw the break out and made a bullflag. Projection some fibo extensions, which I always use for target determination, I've come to the following possible path for a last push into the blue box around 3500
Note
Target reached, I'm expecting a bounce in this areaNote
Forgot to post the chart
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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.