If this happens, we're going to 15,000! Maybe 17,000?

Ok traders. New chart here. Let me quickly summarize where we're at:

• We didn't quite hit my price target of 11k in the last trade. That's not all bad. Proper risk management should have dictated that you sold some of that trade on the way up. And if you're still in, no worries. I am even more optimistic than before.
  
• We have now dipped below our previous higher low of 9078. This signals a healthy correction.
  
• I do not know how this correction will play out. Nobody does. But we are in a bull market and I am extremely optimistic regarding the future of bitcoin, even more so now with this healthy correction.
  

What I have drawn on the chart here is fairly self-explanatory and obviously purely speculative at this time. But, if BTC ends up following this pattern, then our finally target is a massive shot up to at least $15,000 and maybe as high as 17,000 or more.

We will have also broken out of a long multi-year triangle. This will be highly significant and the last sign that the bears have no more hold on this market.

My goal on this trade is to start accumulating more position at around $8,000. I will then sell a small amount at around $10,000 and put in my stops. Why, you ask? Because we will then be hitting our heads against some major overhead resistance and may fail to break through.

If we do break through, I will continue to hold the rest and sell as we approach my targets, with a final %20 holding of this trade ready to hit 17k.

Good luck traders.

Yorum:

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The Triangle:

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Also spotted this pattern:

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A touch of 8,000 and I'll be comfortable pulling the buy trigger again.

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Happening as expected thus far: