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RE: Market Update: BITCOIN testing triangle top - break higher targets 5000!
Why the low price target, if it is an ascending triangle the target would be the height of the triangle above the top. Putin close to 6k which matches the fib of run up from ETF rejet
The height of the triangle is only 600 points, the top of the triangle is 4400 = 5000. We must be looking at different triangles. We also have 261.8 extension of the 3K - 1800 segwit correction at 4900. Not to mention round number significance. Bear in mind this rally is already larger than the leg up from 800 to 3K in not only dollar, but percentage terms. I'd be very surprised if he we traded all the way from 1800 to 6000 with out a structural correction. Stranger things have happened though. :)
yea my mistake I was on the phone, 4900 looks like a good target, 4800 to get out ahead of profit takers. But I don't think that will be the big correction. am thinking 6000-8000 then all way back to 4000 or less. In the next 6 months or so. With eth same shape but bigger % moves.
That would be pretty crazy, I hope not. I know it used to behave like this, but I'm hoping it is becoming more stable. 8000 back to <= 4000 would be a massive correction indeed. Though yeah structurally the 3K former resistance remains untested. This is why I lean towards a 5K -> 3K -> Resumption. I try not to make really long term, multi-move predictions though - literally anything can happen!
Good chatting mate, look forward to more of it!