simonhslee91
Panjang

First Major BTC Swing Trade Targets

BITFINEX:BTCUSD   Bitcoin / Dolar
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As I have been posting BTC charts I have not made much major moves. This time around I feel pretty confident with my TA and will follow up on my calls with a pretty decent sized position. I believe we finished the correction from 11.75k with the bottom of 8.35k and currently trading in an ascending wedge . The swings of these wave patterns have been enormous and retracing 70~80% ranges. Long as we make higher lows on these swings we are still in a bullish state. Following this pattern and going by Elliott waves , I believe our next target is 10.45k which is also the .5fib level of our climb from 6k~11.75k. I believe once we hit that level we will be going through a pretty steep correction and may even test the lower bounds of the current broadening wedge . My targets to sell would be within 10.2~10.45k region and looking to stack buys between 8.8~9.2k region. Also good to note that Alts that has bottomed out are seeing some decent bounces while BTC is trading within the ranges, so it may be a good time to take profits before another BTC move up.
Very important to note that if we break our low from the last wave at about 8.5k we may be seeing a crash of BTC to 7.2k level. Even at that point I would remain bullish and expect a heavy bounce.
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