Waves Within Waves? Short in the near term Long in the long term

22 Mei 2018Over the past few months, I've generally been looking at the log chart on BTC/USD.

Today, I decided to take a look at it with the log scale turned off. Here's what I came up with:

• In the near term, BTC could see a double bottom in the ~8000 region.
  
• After that, it could make a push to break out of the symmetrical triangle and make a nice run.
  
• It may then see a correction to establish previous resistance levels as support, before launching off for a big run to hit the symmetrical triangle target.
  
• This target also coincides with the 1.618 trend based fib extension shown.
  

Let's see how it plays out.

Happy trading and thoughts appreciated as always!

23 Mei 2018

Komen

Price reached the ~8000 region per bullet #1 in my original post. We will now wait and see if it continues to the downside or reverses.

Expecting a reversal within the next 12-24 hours.