BITCOIN COMPRESSION BREAKOUT POINTS & PRICE TARGETS 01/27/18 2am
BITCOIN COMPRESSION BREAKOUT POINTS & PRICE TARGETS 01/27/18 @ 2am EST.
BTCUSD is in a long & tight compression pattern with support provided by the Andrews Pitchfork S1 line, and a high to high trend line. With the past 5 bars being inside Bar, a decent breakout trade up or down can now be placed at the upper and lower breakout lines shown on the chart, beginning at the base of each blue arrow on the main chart window.
If a breakout up, initial price target is around 15300-15680 around the Andrews Median Line (mid fork). Yet, if a clean non overlapping 5 wave advance unfolds, we could be off to the races again.
Conversely, if a breakout lower occurs, the initial target is between the two lines that envelope the down arrow head, between 8600-7700.
With the StochRSI having a HIGHER SWING LOW, this is then the first time since the JAN 6th high that a lower risk buy breakout has presented itself. But, as we know from compression patterns, they can go either way. At least the stops & SAR are tight relative the upside potential.
Caution as always.
Michael Mansfield
BTCUSD is in a long & tight compression pattern with support provided by the Andrews Pitchfork S1 line, and a high to high trend line. With the past 5 bars being inside Bar, a decent breakout trade up or down can now be placed at the upper and lower breakout lines shown on the chart, beginning at the base of each blue arrow on the main chart window.
If a breakout up, initial price target is around 15300-15680 around the Andrews Median Line (mid fork). Yet, if a clean non overlapping 5 wave advance unfolds, we could be off to the races again.
Conversely, if a breakout lower occurs, the initial target is between the two lines that envelope the down arrow head, between 8600-7700.
With the StochRSI having a HIGHER SWING LOW, this is then the first time since the JAN 6th high that a lower risk buy breakout has presented itself. But, as we know from compression patterns, they can go either way. At least the stops & SAR are tight relative the upside potential.
Caution as always.
Michael Mansfield