Bullish View - symmetrical triangle, wave count and Fibonacci
As you can see in the chart we got a support level @7500 derived from the Fibonacci levels.
The triangle itself is a symmetrical one which means we deal with a continuation pattern.
Its breakout target is determined by measuring the distance (price difference) at the 0 point (starting point of ABC correction) towards its other side (uptrend).
In our case this height is in the the range of 14k, those are added to the point of breakout, which has been done by adding the price range.
Please note that we are looking at a weekly time frame, something we don't see often on TV concerning crypto.
We encountered an absolutely normal correction after BTC's ATH in the last months, and as long as the support @7000 doesn't break we are good to go for another run.
Set your SL below 7k (6.7 - 6.6), according to my opinion we are already in a buy zone for LT positions.
Trade safe
Nik
The triangle itself is a symmetrical one which means we deal with a continuation pattern.
Its breakout target is determined by measuring the distance (price difference) at the 0 point (starting point of ABC correction) towards its other side (uptrend).
In our case this height is in the the range of 14k, those are added to the point of breakout, which has been done by adding the price range.
Please note that we are looking at a weekly time frame, something we don't see often on TV concerning crypto.
We encountered an absolutely normal correction after BTC's ATH in the last months, and as long as the support @7000 doesn't break we are good to go for another run.
Set your SL below 7k (6.7 - 6.6), according to my opinion we are already in a buy zone for LT positions.
Trade safe
Nik