Judging by the price action we are experiencing with BTC, it looks to be in a triangle formation (Fairly difficult to spot initially)
Price should ping pong between the two boundary lines, if we retrace here it will have completed the D leg and E leg will be underway. Based on the room left until the apex of the triangle I believe it will form some sort of sideways correction for leg E such as but not limited to: Flat, Triangle.
After E leg is complete the triangle should breakout to the upside toward 48k-50k.
Trade accordingly, and as always; know your limit, play within it.
Price should ping pong between the two boundary lines, if we retrace here it will have completed the D leg and E leg will be underway. Based on the room left until the apex of the triangle I believe it will form some sort of sideways correction for leg E such as but not limited to: Flat, Triangle.
After E leg is complete the triangle should breakout to the upside toward 48k-50k.
Trade accordingly, and as always; know your limit, play within it.
Comment:
E Leg just about complete, waiting for behaviour at top boundary line before making judgement as to whether we continue or retrace into triangle.
Comment:
Made a slight mistake, E leg is actually C leg. 0.618 extension from A leg. (E leg cannot go below C leg)
Watching boundary of top of triangle boundary for resistance or follow through.
Watching boundary of top of triangle boundary for resistance or follow through.
Trade active:
Happy new year to all!
Hope your 2024 is filled with great trades, good health, and even greater financial prosperity!
Hope your 2024 is filled with great trades, good health, and even greater financial prosperity!
Comment:
Barrier has been broken, this is a Zig zag with a 0.618 leg. Bulls have no mercy for the bears this week. Target is 49,000.
Trade closed: target reached