Without wasting time we all know BTC has been trading inside a symmetrical triangle since 26th of June high which is approaching the final decision making leg if we count the wave movement in terms of (abcde). Presently forming the last wave (e) of the triangle.
Looking through this triangle patterns there are some continuation pattern forming there in such as: 1. Potential Inverse Head and Shoulder formation which targeted at 12550$-12700$ zone.
2. Already existing Bullish Gartely pattern which pointed towards 15k-16k$ as target.
3. Price forming potential Ascending broadening pattern with leg abcd already completed and price in the move for the last leg(e) towards 15k-16k target zone.
4. Potential Cup and handle formation which handle pointed towards same entry zone around 97xx to 99xx for possible long accumulation with overall pattern targets around 12k-12k7 level.
The good things about all these patterns is that all are Bullish which provide almost same entry point with same stop target zone.
Remember always to respect your stop loss should incase the trade did not go as planned. We analyst proposed but whales always have their plan which cannot be changed because of anybody analysis.
Kindly follow the suggested accumulation zone on the chart and always remember to apply stop loss according to your risk mitigation.
Level to watch for are: POSSIBLE ENTRY ZONE Possible Support LEVEL SELL TARGETS
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Thank you
Note: It will be good to always understand risk involve in trading. Always trade with stop Loss in place.
Set up an entry/exit strategy for every trade, with good risk/reward ratio.
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Hey guys on all the 4 setups I prescribed above, for now I will want us to focus more on CUP and handle pattern with what BTC is doing right now will the wave b of abc on the handle hold BTC down to drop to our accumulation zone??? That is a big question we need to ask ourself at the moment.
Meanwhile all shorter must aware the significant of 107xx-108xx if we manage to break through it that will be a huge success for the bull.
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Strong ETH view guys check it out
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Hello people for faster and timely updates i will advice you guys to follow us on our telegram chat room the link can be found under my signature zone. Big Bitcoin discussion is on going right now.
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#MArket Update
We are in a critical level right now. If price keep holding above 10210$ bull still have potential to turn it all around.
A break of 10210$ will trigger massive drop. I expect all Long to be closed if this happen.
Moreso, i still keep a closed tab on the potential Cup and handle formation which still in progress.
I will keep us posted as market develop.
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this is a quick long call as we are approaching bottom side of this triangle again.
It's not a symmetrical triangle it's a descending triangle
weslad
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@DerrickGibson, that is how you see it, thanks I saw a symmetrical triangle here.
TheRealDonaldTrump
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@DerrickGibson, some people are caught in wishful thinking. I agree with you, it’s descending.
weslad
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@TheRealDonaldTrump, I am not disputing his view, this is market we have series of perspectives, I know some people see Descending triangle but I see symmetrical triangle. Its a win and win situation here guys.
TheRealDonaldTrump
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@weslad, trading is never a win / win situation, someone has to lose in order for me to win. Just saying, a lot of these posts "predicting" where bitcoin is going next dont make sense. People are drawing on the chart and "predicting" wherever they WANT bitcoin to go.
olleyy
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@DerrickGibson, Yeah well the thing is, if you actually accurately line the three lows it is not flat, if you use candle bodies, or the wicks its still the same.
Have a look for yourself.
weslad
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@olleyg123, That is just it, people have different approaches and different views to the market so it all depends on which perspectives traders is looking currently. I based my analysis on what i saw. Thanks man. the low is making High Low all through and the hgh is also making lower high which is one of the important of Symmetrical triangle.
olleyy
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@weslad, Yeah exactly, everyone has their own opinions, that's what makes technical analysis so good!
And yeah, it is making higher lows and lower highs, this is symmetrical behaviour.
DerrickGibson
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@olleyg123, The lows are not perfectly equal but they weren't with the 6k descending triangle either. They don't have to be perfectly equal for the pattern to be valid. We have significantly lower highs and marginally higher lows. That to me is a descending structure even if the lows are slightly different.