BITFINEX:BTCUSD - Short

Jan 25, 2018

I see the potential for an Elliot triangle correction pattern. Forming as a correction to the downward trend started 7th Jan. If the upper resistance line of the triangle isn't broken, and we hit (D) and (E) on the chart, then I expect to see the price fall based on trend-based fib extension and prior support. Potential buy-zone at 5.1k - 5.7k USD. Ideas and thoughts welcome.

Jan 25, 2018

Note

tradingview.com/chart/HuyV4X9f/

Jan 25, 2018

Note

I should have acknowledged the fact we have some major support on the way down. It's not a free fall : )

Jan 25, 2018

Note

Ignore the first link. Still learning !

Jan 26, 2018

Note

We've hit (D) and (E), let's see if we break the lower threshhold of the channel. 10.5k to break the channel, 10k-9.5k we meet support. Let's see how supportive it really is.

Jan 27, 2018

Note

I've updated the chart to reflect the actual points hit, and adjusted the channel accordingly. Still appears to be a valid formation, although the boundaries have extended out a little.