Here is my take on breakout targets for both Bitcoins. A couple of things to consider:
- BCH is stronger now, so if you're going long, consider BCHBTC for more gains.
- The pattern is BCH is of greater quality, looks more safe, whereas a downside breakout in BTC may lead into the pattern's broadening.
- Be sure to apply aggressive money management when working with breakout patterns. Move SL orders to breakeven as soon as the market allows for. The volume is so low these days, that it takes a couple of big traders to control the market (trigger your stops).
- Correlations in the market are very tight, so you may find similar patterns in many altcoins.
Comment:
Targets hit for both BTC & BCH. If BTC drops below 7200, 6800+ and 6600 are exposed.
Comment:
All targets have been met.
If BTC price doesn't drop below 6420, the Triangle pattern of Daily timeframe will still be viable. Here is the wave count:
If BTC price doesn't drop below 6420, the Triangle pattern of Daily timeframe will still be viable. Here is the wave count:
