BITCOIN: Breakage confirmed and what to expect…

November 29 00:13 2018 Print This Article

Finally BITCOIN has broken out the “Falling Wedge” by the upper line which is very good despite I was expecting a 5th wave down longer than the one presented.

 

Additionally to that breakage upwards, BITCOIN created a nice “Double Bottom” pattern which gives some confidence on the upwards movement since it is a Bullish pattern as well

Of course, I am not going to complaint about since we all want the recovery of the Market of this long and painful correction but we still must be careful.

Bull Traps are trendy lately and I am considering two possible scenarios right now to happen in short time… and guess what? one is bullish and one is bearish :-)…

Bullish Short Term Scenario:

  • Double Bottom triggered , Reversal temporary confirmed = Target 5100 USD.

In order to confirm this move upwards, BTC has to break the resistance in dashed line.

Bearish Short Term Scenario:

  • Still on correction mode, 5-3-5 type = BITCOIN forming an A-B-C and resuming with a 5 waves down = 2900 USD

This is a typical 5-3-5 Zig-Zag Correction…

As you can see everything depends on the reaction to the current resistance (shown in the second image)…

I guess we are going to see soon the resolution of the dilemma.

@toofasteddie


*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently.
Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

 

  Article "tagged" as:
  Categories:
view more articles

About Article Author

Too Fast Eddie
Too Fast Eddie

Superconducting Engineer working for the development of the Fusion Energy, Dad, Crypto-Enthusiast and Runner addicted. I am in a "Continuous Learning Mode" as well I am always willing to share my knowledge about the fields and topics related with trading, Cryptocurrencies, Blockchain technologies and Sports, in particular Running and Athletics.

View More Articles
write a comment

2 Comments

Add a Comment