BITCOIN: Symmetrical Triangle broken by the upper side

BITCOIN: Symmetrical Triangle broken by the upper side
January 06 20:28 2019

As forecasted yesterday, we have obtained a breakage of the symmetrical triangle as soon as BTC has reached the APEX.

Now, we may see again two possibilities, as you can see we are always “Binary” and prioritizing still a Bearish trend in opposition to declare a reversal confirmed:

  • First and primary option, for me, the “Famous” 5-3-5 correction on play:

According to this assumption, we would be still attending the “building” of a plausible 5-3-5 Zig-Zag correction since the pattern is valid. So, in this case, BITCOIN may still reach a value slightly below the last high (see wave (V)) or 4237 USD in order to complete Red Wave “B”… after that level 5 waves down would be expected to the 3300 USD level before starting a new Bull cycle.

  • Secondary option, BITCOIN reaches and breaks the “Neckline” of the “inverted HEAD & Shoulder” pattern:

If so, this pattern used to project a target of the length equal to the height of itself.

This move could help BITCOIN to approach to the 200DMA line and it could be very interesting to see if we can get some support there but, in order to see this move, we need really a substantial change of the daily Volume which, despite the nice bump, continues being so small…

Enjoy!

@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.

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toofasteddie
toofasteddie

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.

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