Bitcoin update: Are we in a triangle?
When we take a look at the price action of bitcoin, we can see a very slow structure. This means that the current wave is probably just a subwave 4. Fourth waves are mostly complex waves that can move within a triangle. And I believe that we are currently in such triangle.
As you can see, I still anticipate at least one more decline! Keep in mind that we are in a fourth wave, which may lead to volatility. I would not be surprised, if we see a spike into the 5th wave before a reversal occurs. $8800 or $6800 are still my targets.
@marketmaven1 thanks for sharing your thoughts.
be shure to check my newsest update on bitcoin futures 29/01
Thank you! And yes there is more trading activity in the futures market. It's picking up but probably for a trip to the downside. We need to finish that move down before we can start thinking about higher levels :)