Bitcoin is forming a pennant pattern on the 4hr and 1D charts. Although I am still waiting for a retest, this pattern is extremely clear and because of that I believe that it is very strong.
Throughout this drop over the past few weeks, many pennant patterns have formed and almost all of them have resulted in a significant change in price...
Here is one example
Again, I am still waiting on confirmation. I normally do not trade these types of patterns, but this one looks pretty amazing. I may even wait for lower timeframe divergence to form during the retest in order to be even more sure abot my entry.
Additionally, a clear Elliot wave pattern is in progress and it is suggesting that there may be another wave down. If this wave happens, I will be looking to get back into bitcoin longs again.
Typical Elliot wave patterns maintain that the first wave and the fifth wave are of similar sizes, so the price may end up in the 20-25k range. I always use adaptive take profit points and never have one specific area, but this range gives an idea of where this area may be.
Trade
Throughout this drop over the past few weeks, many pennant patterns have formed and almost all of them have resulted in a significant change in price...
Here is one example
Again, I am still waiting on confirmation. I normally do not trade these types of patterns, but this one looks pretty amazing. I may even wait for lower timeframe divergence to form during the retest in order to be even more sure abot my entry.
Additionally, a clear Elliot wave pattern is in progress and it is suggesting that there may be another wave down. If this wave happens, I will be looking to get back into bitcoin longs again.
Typical Elliot wave patterns maintain that the first wave and the fifth wave are of similar sizes, so the price may end up in the 20-25k range. I always use adaptive take profit points and never have one specific area, but this range gives an idea of where this area may be.
Trade
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The indicators in the chart are the VMC Market Cipher B, TD REI, RSI, Take Profit, and the Atr.
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I think that the retest has already happened, time to go down
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here we go 🎢
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We could see a small bounce on the 1 hr tf: Acording to the Gann fan and box(other wise known as trading astrology, *joking). This is a bit more advanced. If you want to learn more about gann do some research on youtube.
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Then we go to the 1 hr...
We can see that there is an unconfirmed blue dot as one of the lines, meaning that there is a possibility that it could go back up a small amount. this could be a good place to make some hedges or take profit!
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**** take a partial close I mean, then add more to the short later