Bitcoin price dropped nearly 20% today. And yet, the uptrend remains intact with 15743 and 16147 being first targets. The correction took the form of a Flat (3-3-5). When the price broke beyond the pitchfork , it triggered my buy orders.
Bitcoin price dropped nearly 20% today. And yet, the uptrend remains intact with 15743 and 16147 being first targets.
Drop below 14 100 is very unwelcome under this scenario, so I define this as a reversal level:
Stop-loss order should now be moved to break-even (14 900).
Yesterday we hit the 15 743 target but didn't get to the second target of 16 147, so the rest of the position was stopped out at break-even. Currently looking for new oppurtunities. Drop below 14 000 could be detrimental for BTC and trigger more selling. Dynamic resistance is @15 600.
I am not sure where is your "uptrend" since we have a completely parabolic situation here.. BTC should fall back in its "long term" channel (if there is one due to such erratic behavior, but when it does we are looking at $10000 at best.....