I'm going to keep this short and sweet today everyone.
We are in a downward channel.
We are finishing up a rising wedge. Leg-E has broken above the top of the rising wedge, which is a typical bull trap in a rising wedge.
The downward target for this wedge is $4800-$5000, which will occur around September 11th. Then... up up and away!
I wish you all the best of luck. As usual, you are responsible for your own trading and investment decisions. Take care!
- SecludedJ
We are in a downward channel.
We are finishing up a rising wedge. Leg-E has broken above the top of the rising wedge, which is a typical bull trap in a rising wedge.
The downward target for this wedge is $4800-$5000, which will occur around September 11th. Then... up up and away!
I wish you all the best of luck. As usual, you are responsible for your own trading and investment decisions. Take care!
- SecludedJ
Comment:
Just figured I'd provide an update here. All seems fine on this trade. Still looking for $4.7k-5k. Will have a better idea once we really start falling. Expecting to arrive at our target within the next 72 hours.
If $5.9k support holds, I will reasses the situation. I do have alternative scenarios if it does hold, however, the $4.8k scenario seems the most likely at this time, still.
If $5.9k support holds, I will reasses the situation. I do have alternative scenarios if it does hold, however, the $4.8k scenario seems the most likely at this time, still.
Comment:
This scenario has likely been invalidated. I will provide updates in the coming days, but at this point, I believe it is no longer viable.
I am watching the alt coin market very closely, and believe we are incredibly close to a bottom. We should see a double bottom with them, or slightly lower. But either way, big moves are to come for alt coins. I will provide a chart for that in the coming days / week.
As for Bitcoin, it is still a watch and see. I think re-testing $6,000 is certainly in the cards. Breaking below that is the big question. We will see. I'll update later.
I am watching the alt coin market very closely, and believe we are incredibly close to a bottom. We should see a double bottom with them, or slightly lower. But either way, big moves are to come for alt coins. I will provide a chart for that in the coming days / week.
As for Bitcoin, it is still a watch and see. I think re-testing $6,000 is certainly in the cards. Breaking below that is the big question. We will see. I'll update later.
We will have a much better timeframe once the wedge breaks down. We might still be spending a few days floating in this zone to get the shorts to close, turning them from bearish to bullish, then pulling the rug out from under them.