I still think BTC is on a downward trend and could be a great short position right now if you bought in the last dip.
My buy in targets are the red rectangles. 20%, 30% & 50%
I've copy/pasted an explanation of the Ending Diagonal pattern that Bitcoin might be in from a stockcharts.com page:
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Ending Diagonals
The ending diagonal is a special type of wave that occurs in Wave 5 of an impulse, or the last wave of a correction pattern - Wave C of an A, B, C correction. This wave often occurs when the preceding move of the trend has gone too far, too fast and has run out of steam. In all cases, they are found at the end of the higher degree motive or corrective wave. This wave pattern indicates the termination of the previous trend of one higher degree.
The wave-structure of an ending diagonal is different from the impulse wave. Where the impulse wave had a general structure count of 5-3-5-3-5, the ending diagonal has a structure count of 3-3-3-3-3. All five of the waves of an ending diagonal break down to only three waves each, indicating exhaustion of the larger degree trend. Also, Wave 2 and Wave 4 may overlap each other.
This link is for a picture representation of a Ending Diagonal pattern.
d.stockcharts.com/sc..._patterns/wave14.png
My buy in targets are the red rectangles. 20%, 30% & 50%
I've copy/pasted an explanation of the Ending Diagonal pattern that Bitcoin might be in from a stockcharts.com page:
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Ending Diagonals
The ending diagonal is a special type of wave that occurs in Wave 5 of an impulse, or the last wave of a correction pattern - Wave C of an A, B, C correction. This wave often occurs when the preceding move of the trend has gone too far, too fast and has run out of steam. In all cases, they are found at the end of the higher degree motive or corrective wave. This wave pattern indicates the termination of the previous trend of one higher degree.
The wave-structure of an ending diagonal is different from the impulse wave. Where the impulse wave had a general structure count of 5-3-5-3-5, the ending diagonal has a structure count of 3-3-3-3-3. All five of the waves of an ending diagonal break down to only three waves each, indicating exhaustion of the larger degree trend. Also, Wave 2 and Wave 4 may overlap each other.
This link is for a picture representation of a Ending Diagonal pattern.
d.stockcharts.com/sc..._patterns/wave14.png