Bitcoin's inside of a Running Triangle - possible pathways

23 May 2018

I hope you enjoyed my Ethereum idea I posted two days ago. Bitcoin's chart looks similar to my Ethereum chart on a larger timeframe.

Bitcoin is forming a Running Triangle on the daily timeframe. If it completes this pattern it should drop to around the $7k mark to complete wave E. If it decides to do what Running Triangles usually do it should then breakdown further and make a nasty drop. However, it has to breakdown several big support levels to do so. Right now bitcoin touched two quite big 0.618 support levels and it could make a bounce from here, but the bounce should've been bigger in my opinion so I don't have high hopes it will hold these levels. If it breaks the 7800-7700 we will likely see $7k.

I will try and update along the way.

24 May 2018

Not

So it dropped like crazy yesterday. No bullish signs yet thus I expect to see a drop to the bottom of the Running Triangle.

On the short term I can see it move up to $7800 to make a further drop down. I'm going to add to my short position at that level.

12 Haz 2018

Not

It's going great so far, next target: ±$5k