BTCUSD - INTERMIDIATE SHORT IN THE MAKING WITH TRIANGLE
We are still good in following our roadmap for longer term based on daily chart of BTC which I published nearly a month ago.
Since then as many of you already know, I have been sharing my shorter term updates charts in the chat.
It is possible that we might have already topped for what might be wave 4 shown in our roadmap chart which in Finex is 307 spike high. Since when we might have commence a next leg down with 5 wave decline. It is interesting that we have either declined in either 5 waves or a zigzag to 235 low.
Regardless since 235 a formation of triangle is progressing nicely highlighted in the chat at its early stage (see snapshot).
This triangle formation suggests that the 235 low could be either wave A or if double zigzag a wave W. The triangle then being either wave B or and X.
The triangle pattern suggests a continuation of the prior trend hence on completion a breakdown is anticipated.
If the triangle is have wave X then we could see another zigzag decline. On the other hand if it is wave A then another 5 wave decline would follow.
Either way a minimum downside target could be around 210 where we have confluence of several fibs and potential AB=CD measured move target zone.
But this could real nasty if we have commence the new bearish cycle from 307 spike high.
Further price action will enable us to update our roadmap on daily time frame chart.
In the meantime a short trade could be considered as detailed above.
Disclaimer: All of my work above could be completely wrong, so please use or disregard it at your discretion.
As, always please do your own analysis for your requirement. Select to follow me and the charts for notification of any updates. If you like the analysis show this by thumbs up and constructive comments or alternative ideas for all to learn from.
Thanks for taking the time to view my analysis.
DanV
danv-charting.com
Since then as many of you already know, I have been sharing my shorter term updates charts in the chat.
It is possible that we might have already topped for what might be wave 4 shown in our roadmap chart which in Finex is 307 spike high. Since when we might have commence a next leg down with 5 wave decline. It is interesting that we have either declined in either 5 waves or a zigzag to 235 low.
Regardless since 235 a formation of triangle is progressing nicely highlighted in the chat at its early stage (see snapshot).
This triangle formation suggests that the 235 low could be either wave A or if double zigzag a wave W. The triangle then being either wave B or and X.
The triangle pattern suggests a continuation of the prior trend hence on completion a breakdown is anticipated.
If the triangle is have wave X then we could see another zigzag decline. On the other hand if it is wave A then another 5 wave decline would follow.
Either way a minimum downside target could be around 210 where we have confluence of several fibs and potential AB=CD measured move target zone.
But this could real nasty if we have commence the new bearish cycle from 307 spike high.
Further price action will enable us to update our roadmap on daily time frame chart.
In the meantime a short trade could be considered as detailed above.
Disclaimer: All of my work above could be completely wrong, so please use or disregard it at your discretion.
As, always please do your own analysis for your requirement. Select to follow me and the charts for notification of any updates. If you like the analysis show this by thumbs up and constructive comments or alternative ideas for all to learn from.
Thanks for taking the time to view my analysis.
DanV
danv-charting.com
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