In the previous idea I wrote that I'm willing to take short position only if price breaks out of the channel. It did break when H&S developed, and the setup allowed to take intraday profit.
Currently, the wave pattern remains unclear. Two most probable scenarios are presented on the chart.
- The first implies the development of bullish Triangle. The trigger for its activation is set for 9375.
- The second scenario is bearish and suggests that price is going to slide below 8300 as part of Zigzag pattern.
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A drink?
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The FML-type of price behaviour on Bitfinex exchange made the chart complicated to apply wave analysis. So, I'm switching to second highest volume exchange Binance to present to trading setup for today.
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Dash is gaining traction:
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H&S has been activated:
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H&S from the last update failed. Currently, price is coiling within this Triangular consolidation. Ain't going short until the 'Last Resort' zone is broken through.
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So, the price returned to the intraday breakout level. If it holds here and makes it to 9450, we have no choice but to enter new longs:
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All targets from the previous update were met. Triangle is still the preferred scenario. Price is forming the bottom. Charts are due tomorrow.
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BTC is breaking out of Diagonal triangle:
