So I decided to close my longs at 710 instead of 720. I can also see why this is going down now. Still ..... long term bull prospect. Check below for pennant formation 4H.
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Pennant formation
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CREDITS TO @PRPS AS WELL FOR MAKING ME THINK DEEPER INTO TAs
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Just some important guidelines from the pros : The forms for Wave 2 and Wave 4 will alternate. If Wave 2 is a sharp correction, Wave 4 will be a flat correction. When Wave 3 is the longest impulse wave, Wave 5 will approximately equal Wave 1. So I will need to lower my target to the 800 region.
If you don't lose money then that's a win. I can't take any credit for what the price actually does, obviously, but I hope it goes your way [and mine]. I can only say that if it does go lower it's because that's where most charts go after a parabolic rise. Followed by a dead cat bounce [which in BTC's case is unusually high and prolonged at present] followed by a longish downtrend. I'd def be a buyer at mid $400's+, but Brexit and Euro wobbles/ BTC 1/2ing have changed the ballgame a bit, so nothing's certain. As I've said before - I'm not a trader, just an investor who sold up in crypto and is sitting on the side looking for a nice buy signal.