Hello,
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I was asked to update BTC, so what we have here is a triangle that could end up being one type or the other as indicated on this chart. This is wave 4 and triangles form in wave 4 thus meaning there is gonna be a wave 5 that will give us a higher high.
However, triangles can be tricky and we may see it break down and travel an equal distance of the widest part of the triangle measured downward from the break of the trendline. On the flip side, I have also used that same measurement for a breakout of the upper trendline, targets are indicated on this chart, which depends on what kind of triangle we have.
Good Luck
Cheers!
Be sure to comment, follow, like, and check out my profile for more trade ideas!
I was asked to update BTC, so what we have here is a triangle that could end up being one type or the other as indicated on this chart. This is wave 4 and triangles form in wave 4 thus meaning there is gonna be a wave 5 that will give us a higher high.
However, triangles can be tricky and we may see it break down and travel an equal distance of the widest part of the triangle measured downward from the break of the trendline. On the flip side, I have also used that same measurement for a breakout of the upper trendline, targets are indicated on this chart, which depends on what kind of triangle we have.
Good Luck
Cheers!
Comment:
I made a big mistake on this chart. I used the 2X Fib instead of the 1X fib. The !x is the size of the widest part of the triangle and the proper fib target. I am sorry!
