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$BTCUSD expecting 11.800 as decision point

BITFINEX:BTCUSD   比特幣 / 美元
After recent bounces, I'm expecting more upside towards previous tops around 11.800. That could be a key level for longer term moves....either break out to the upside or 1 more leg down, forming a flat correction .
Short term key level is the down trend line (log scale), if it breaks that trendline , I'm expecting more bullish sentiment wich coud push the price more up towards 11-12k.

Short term: right now doing a correction which should be wave 4. When we see a succesfull bounce from the area 7600-7800, we'll be heading towards the down trend line which can act as a resistance. Forming another correction there is very likely IMHO, before we get (hopefully) a break out towards top of the flat pattern.

Once reaching the top, its decision time: either 1 more leg down or a push straight through that level towards 16k.
If we see 1 more leg down, I'm expecting a big push to the upside after that.
評論: short term update: finally dipped towards the blue box (possible bounce area) and slightly missed it and already bouncing.
Not sure yet if this was the dip but for now looks promising.
If the bounce can sustain, next stop is 9k
評論: Update: still on track for 9k.
We're nearing the long term down trend line on log scale. Could be tough fight but I still expect a break out.

評論: Reached first target and correcting now
My wedge looks very different to yours. That strong bullish candle on the 11th was the break.
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malcr001 malcr001
I see OP is using log scale.
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Where do you think correction would go? 8500?
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Price just broke the 50 day MA
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this is how i see it
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Great analysis!
zoomed in on a 1H TF for the short term retrace:
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May I know what indicator is the last one, the now with green and red columns ?
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@Ion343, MACD 4c
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Nice. Thanks.

Seeing a similar pattern with ETHUSD -

(P.S I am a noob, but learning).
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thanks for sharing
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