Bitcoin - Potential Giant Bullish Triangle!
Today, let's take a look at a possible long-term scenario for the Bitcoin chart.
As I expect the price to rise to 16,000$ at BTC, the possibility of the BTC forming a huge bullish triangle has been considered. Reaching the 16,000$ target will give us a third important point, and thanks to it, we can already imagine multiple graph formations. I prefer the triangle formation, because in it the graph will gain strength on the next bullrun.
It occurred to me mainly because the triangle is typical of creating a deeper retracement to 786 level and 16k $ is exactly in this zone. Triangle should be properly traded by buying and selling on Fib. level 786 of the previous movement. Since 786 is our buy / sell zone, Fib. level 886 is our Stop Loss. + Bitcoin is also characterized by deeper correction for fib level 786. In the bullish triangle, there must be a 5-wave structure that completes the fifth wave at the bottom of the trendline, where the upper trendline breakout must occur.
After reaching $ 16k a sharp ABC correction should follow, which will last until Bitcoin Halving. From historical records we know that BTC Halving has always been caused by Bullrun. This may also be the case here.
The graph shows BK231, which has been able to maintain the price level of Bitcoin and this was the case even when the price fell to $ 3200. I have drawn the potential movement of the BK231 into a graph which follows the triangle trendline beautifully.
As I expect the price to rise to 16,000$ at BTC, the possibility of the BTC forming a huge bullish triangle has been considered. Reaching the 16,000$ target will give us a third important point, and thanks to it, we can already imagine multiple graph formations. I prefer the triangle formation, because in it the graph will gain strength on the next bullrun.
It occurred to me mainly because the triangle is typical of creating a deeper retracement to 786 level and 16k $ is exactly in this zone. Triangle should be properly traded by buying and selling on Fib. level 786 of the previous movement. Since 786 is our buy / sell zone, Fib. level 886 is our Stop Loss. + Bitcoin is also characterized by deeper correction for fib level 786. In the bullish triangle, there must be a 5-wave structure that completes the fifth wave at the bottom of the trendline, where the upper trendline breakout must occur.
After reaching $ 16k a sharp ABC correction should follow, which will last until Bitcoin Halving. From historical records we know that BTC Halving has always been caused by Bullrun. This may also be the case here.
The graph shows BK231, which has been able to maintain the price level of Bitcoin and this was the case even when the price fell to $ 3200. I have drawn the potential movement of the BK231 into a graph which follows the triangle trendline beautifully.
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