So... I initially identified the 2 target zones (ovals with flags) at the edge of what I believe is the current shape BTC is contained in (dashed whites).
The whole time I only had a channel drawn from the bottom of the current movement to what now is the middle of the channel.
After having added the triangle, I extended the channel to what's shown now.
And then it finally made sense and now I genuinely believe, we will visit 27.5k area, due to target of triangle-breakout.
From there, we'll set out for the bearish channel target, meaning we'll be going down to 16k-ish and bounce from this old support area (which is right between 2017 and 2019 highs).
PLUS: This whole Idea would fit perfectly with Wyckoff, too.
SC with the low around 17.5k
Up to pre-drop resistance around 27.5
Back down to below SC --> ST phase B, which seems quite likely around that 16k area I mentioned.
- Benayman
The whole time I only had a channel drawn from the bottom of the current movement to what now is the middle of the channel.
After having added the triangle, I extended the channel to what's shown now.
And then it finally made sense and now I genuinely believe, we will visit 27.5k area, due to target of triangle-breakout.
From there, we'll set out for the bearish channel target, meaning we'll be going down to 16k-ish and bounce from this old support area (which is right between 2017 and 2019 highs).
PLUS: This whole Idea would fit perfectly with Wyckoff, too.
SC with the low around 17.5k
Up to pre-drop resistance around 27.5
Back down to below SC --> ST phase B, which seems quite likely around that 16k area I mentioned.
- Benayman