BTC correction before S2X fork

2017年11月5日

BTC has had an incredible bullish run. However, a correction is long overdue, and now potential bearish signs are creeping up.
Rising wedge is a bearish reversal pattern. If the price breaks down below the lower line of the wedge, then a correction is going to happen.

Targets for the correction are one of the yellow trend lines, and the Fibonacci support line.
The price will reverse at one of the targets, and then continue upward trend until the S2X fork happens on 16th of November.

There is also a bearish divergence between the price and the RSI, MACD indicators.

Don't trade until you have the confirmation of price breaking down the rising wedge.
If the price breaks upwards out of the rising wedge, then the pattern is no longer valid.

2017年11月5日

交易進行

Broke the rising wedge.

2017年11月5日

註釋

First target: 6310 eur

2017年11月6日

註釋

First target reached.

2017年11月6日

註釋

2017年11月6日

註釋

Next targets are fib support lines (you can see them in the chart screenshot above):
1. 6058 eur
2. 5859 eur

Look closely for price revesal signals at those levels.

2017年11月8日

註釋

The price reversed at the 6058 eur support level I mentioned above.
It's now trading in range, which means we're still not safe from another drop.
However, If the price manages to break 6700 eur resistance, that's a confirmation for our next target at 7100 eur.

2017年11月13日

註釋

Watch out for resistance between 6000 eur and 6200 eur. Do not buy there. The price is highly likely to start the C correction wave downwards after it reverses from that area.
The C wave could take the price down to 4200-4500 eur levels.

2017年11月13日

註釋

2017年11月15日

註釋

Looks like another rising wedge appears. Correction incoming. If this next correction makes a higher bottom than the previous one, that will enable this market to push new highs. Otherwise, we go more down as expected with the C correctional wave.

2017年11月16日

註釋

Broke out of rising wedge upwards. It means the bearish pattern is no longer valid.
This market is full on bullish right now.
Target at 7180 eur is quite likely in this scenario (with a small and short correction before that).

2017年11月20日

交易結束：目標達成

Time to lock in some profits. Target reached. BTC had a correction as anticipated, then bounced up from the 0.382 Fib line on our chart, and made a new ATH beautifully.

This market still has no signs of weakness, but try to not be too greedy and lock in part of the profits here to reduce the risk if the market reverses.

If this continues to go up, next target and potential reversal zone is 7200-7280 EUR.