Finally! The triangle has been broken.
BTC shoots up quite a fair amount last night, putting it clearly out of the triangle.
This seems to be a good buy set up.
I personally have a small position in as a 'prebuy' position.
Long term investor should look for a little more confirmation signal before jumping in.
If BTC is really going up then the target for the end of the 5th wave will be around $914 for a normal fifth / $1082 and even $1350 for an extended fifth.
BUT THAT IS "IF" IT'S GOING UP.
If not, what are the possibilities?
The possibility that we're in a large cyclical wave 2 correction is still very possible. If price fails to clear the previous high at $690 and $755 then it is still possible that what we're looking at is not a wave 4. And if so, the target for the correction would 'still' be around $400
So, all in all, be wary, both directions are still pretty much on the table and one should proceed with caution, never forget to cut your losses.
For my PreBuy position, I plan to hold until it reaches the nearest target (not in the chart) at $718 then sell off half of that position to secure my profit.
For my Buy position, I'll wait for a confirmation in my 2MA system and get in, sell when the system tells me to.
For all this my initial stoploss will be on the previous low (Base of wave 5) at around $635
Trade cautiously.
BTC shoots up quite a fair amount last night, putting it clearly out of the triangle.
This seems to be a good buy set up.
I personally have a small position in as a 'prebuy' position.
Long term investor should look for a little more confirmation signal before jumping in.
If BTC is really going up then the target for the end of the 5th wave will be around $914 for a normal fifth / $1082 and even $1350 for an extended fifth.
BUT THAT IS "IF" IT'S GOING UP.
If not, what are the possibilities?
The possibility that we're in a large cyclical wave 2 correction is still very possible. If price fails to clear the previous high at $690 and $755 then it is still possible that what we're looking at is not a wave 4. And if so, the target for the correction would 'still' be around $400
So, all in all, be wary, both directions are still pretty much on the table and one should proceed with caution, never forget to cut your losses.
For my PreBuy position, I plan to hold until it reaches the nearest target (not in the chart) at $718 then sell off half of that position to secure my profit.
For my Buy position, I'll wait for a confirmation in my 2MA system and get in, sell when the system tells me to.
For all this my initial stoploss will be on the previous low (Base of wave 5) at around $635
Trade cautiously.