Bitcoin Bull Move into Bearish Butterfly into Weekly Equilibrium
A beautiful and likely possibility.
A bull break of the bullish pennant gives a target of an $1130 move to the upside from the breakout. This is nearly the same as the target given by the measured move setup from the $7825, $9760, and $8620 swing points.
This bull move will be invalidated upon a sustained break of 9425 (or far more conservatively, 9160). The case for potential invalidation of the bull move: Bitfinex Bitcoin Longs are significantly up; there is bearish momentum and volume divergence on the 12-24h (insignificant unless we linger below the highs for some time); shorter timeframes (2h and lower) are overextended.
Happy trading!
A bull break of the bullish pennant gives a target of an $1130 move to the upside from the breakout. This is nearly the same as the target given by the measured move setup from the $7825, $9760, and $8620 swing points.
This bull move will be invalidated upon a sustained break of 9425 (or far more conservatively, 9160). The case for potential invalidation of the bull move: Bitfinex Bitcoin Longs are significantly up; there is bearish momentum and volume divergence on the 12-24h (insignificant unless we linger below the highs for some time); shorter timeframes (2h and lower) are overextended.
Happy trading!
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Smaller timeframe update below about the current equilibrium pattern on the 4H
