As written at "BITCOIN loves triangles..." , we were expecting a breakout of the symmetrical triangle that has been in formation the last few days...
Finally it happens...but instead of breaking as I was most likely expecting since I identified that triangle as a Bear Pennant willing to continue the downtrend, it broke through the upper resistance...which is nice!
A move upwards is always positive and I hope it will continue so but... we have to be cautious since Daily volume doesn't change quantitatively speaking...
What I am expecting for the short term now is the end of an A-B-C final correction, which we didn't see yet and so the next chart will be in play:
- I put B at the level of a known resistance, 6800 USD...
- C must be slightly below A, so around 5950 USD again...
Everything will depend on the current move, if BITCOIN moves higher than the 6800 USD we should change our plan...
IMO, if this ABC correction finally is complete as I plan we may have a high likelihood of declaring terminated the LONG-TERM CORRECTION.
Patience.
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently.
Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
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by toofasteddie
