Updated

Bitcoin 5.4k or 8k+?

The black line is the price action from Jan 17 onward. I posted it a week ago and it seems to work 50%

The Elliot wave is a symmetrical Triangle, it is quite rare but still a possibility. I posted it last night and it may work.

thepatternsite.com/EWTriangleSymmetrical.html

This is a previous instance of a symmetrical triangle in Dec 2017

FYI: I don't know Elliot wave analysis

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Forgot to change the D point. It should be in the next high.

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bullish divergence on 30m MACD. Still might be too early to confirm reversal

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This is the correct one. The trend line should be drawn from the "close" since MACD source is also price "close"

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we may have a frustrating day ahead inside a triangle. Too early to make such an assumption though.

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This one is a bit better aligned:

Trade active

Next target is the red dashed downtrend line. At least 8700, most likely 8800+.

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Closing half of my positions that I opened at 6900. Stop loss for the rest at 7200.
It seems that the spike was happened because of shorts closing. The market is still weak.

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Adjusting the next target to 8440.

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a poosible price actio. taken from feb 6k low.

Trade closed: target reached

I will re-open at 8.1k and 8k.

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Since the recent short squeeze that destroyed about 33% of positions on Bitfinex, shorts are up again by about 15%. Longs have not changed. It means, there are no organic/real buyers for Bitcoin at this price level. However, operators can pull off another short squeeze. I imagine the spike length would be near half that of April 12. That would take us to around 8.8k. This could have a snowball effect by triggering stop limit orders placed above the channel. Together, they can take us near 9k in no time. I personally don't like Bitcoin price going up by squeezing shorts. I hope that does not happen.

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The red line is pierced in Bitmex as you can see in the chart. It is not pierced in Bitstamp or Bitfinex yet.

Happy trading and I hope you have made good profit so far.

cI8DH

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cI8DH

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