BITCOIN - Potential Bullish Wolfe Wave? (updated from old acct)
Transferring this idea from my old biggullycoin account (I've switched to this one permanently).
I've revised the angle & potential target of line 5 slightly.
There's still the possibility of an Inverse Head & Shoulders as well (see my other idea) so watch out if it starts heading downwards around here and a right shoulder starts to form.
Going below the right shoulder level might mean a double bottom, which would match up with the bottom of the long-term channel pretty nicely.
All scenarios are bullish and I believe we'll be hitting the top of the channel eventually (barring any major bad news, hard forks, etc), it's just a matter of whether or not it wants to retest some lows first!
I've revised the angle & potential target of line 5 slightly.
There's still the possibility of an Inverse Head & Shoulders as well (see my other idea) so watch out if it starts heading downwards around here and a right shoulder starts to form.
Going below the right shoulder level might mean a double bottom, which would match up with the bottom of the long-term channel pretty nicely.
All scenarios are bullish and I believe we'll be hitting the top of the channel eventually (barring any major bad news, hard forks, etc), it's just a matter of whether or not it wants to retest some lows first!
Trade closed: target reached:
Didn't follow the long leg perfectly but it got there eventually - target reached!
Comment:
Just updating this for my records to show that this actually did play out across Bitfinex, Bitstamp and Coinbase - but in linear scale (this was originally posted in log scale):
