PewPew2018
Long

BTCUSD Trangle pattern 1245 waves and ABC retracment possiblity

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
chart speak for itself i wonder if we break out of this wedge and we start a bull run it could
also go down and do an extended ABC , i think the break out of this triangle might be a big
bull run moment or we extend our ABC again until we break the trend.

Good luck to bears and bulls :))
Comment: This is on a 1 day chart
Trade active: We are nearly at our support point which is the bottom of the triangle C we are hoping for a break out of the triangle close to the apex and see if we go for new wave 1,2,3,4,5 impulse wave bullish or we go and break through our support and go directly into either ABC extended wave that is my own opinion..It's definitely worth watching
if we break through the support of the bottom purple support or we head back up
to test the resistance RED lets see how this plays out from here.

Please feel free to help someone who is trying to get into trading one step at a time guys keep up the great work.Bulls and bears best of luck

BTC -2.53%
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Trade active: the C wave actually pierced the purple support line and bounced :) let's wait and see it went bullish as soon as it hit bit could break the line and bounce but its close..We will have to wait maybe the next few days.
Trade active: We fell out the bottom of support which has been in play for a very long time, maybe we will bounce at the lower level :(( Not a good situation im going to give it a little longer to see if we go back into play.Some support levels of interest are $7180 We might get a double bottom and bounce upwards or downtrend the support line is off a little if you look at a lower timeframe. !!HODL don't give your coins to the bears.
Comment: Could we be looking at an A,B,C,D,E retracement?It fits and E is on the very bottom support line of the triangle. Who knows i don't think the sport line has been broken yet as far as i can tell, there is massive indecision at the bottom line of the triangle i think by the end of today we will know if we are going to go bullish and break out of the triangle or stay bearish and fall below.
Comment: The possible double bottom could signal a change
in the market direction, Just an idea i wanted
to put out there.

Comment: So we retraced more than i thought but we are seeing some bullish action not much to get excited over :) If this does not hold above $7200 we are going to 5k i believe..:(
Is this the 5th wave just about to finish?Over the next day or two.

Reply
Ok so we have a double bottom possibly in play and also we may have our 5th wave finished with after today
we will have to wait and see how the day finishes and how tomorrow starts but lets have a peek here.

So we have an apex of a triangle wedge about to break out, soon we also have a double bottom and now we also
have a 5 downtrend Elliot impulse wave..Could this be our bottom ??

I've tried to put all the scenarios i know being a new trader into action and i see a big event on the horizon i don't
know if its going to turn into a bull run or not but we will find out of the next couple of days could be crucial

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Lets see how this triangle formation hold for see if we reach the apex and go uptrend or downtrend.
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I expected a bounce at the 05 fib region lets see how it plays out.
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Your wave 5 has not completed yet on the chart?
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@saffir, I know mate :)) Used the bib retracement tool, too look for algo and other support and resistance points
from wave 1 to 5 where I think it might end. It's following this up to now let's see how far we get with it.Basically
looking at this wave 5 will go to 10k to 10,500 or we are going to go bearish we have to have both scenarios. in
place buts the first time i've used the fib retracement tool and also the trend based fib retracement i just want to
see if the 5th wave will complete and if we will get back passed the resistance points.

Will be good to see it restore some decision back into the market especially if i can see where this might be going.
i think that apex of the triangle will be the breakpoint possibly, I've got a few other charts for a full-on bearish and
full on bullish runs.But not willing to put them up yet we need to get back the simple resistance points and let them
act as our new support lines.
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