Bitcoin Update: Target near 27K

Once again a potential ending diagonal has been forming for BTC. An ending diagonal marked the end of the last leg up and now could be pointing to the end of this couple of month pullback. The lower trend line for the ending diagonal lies ~27K. As you can see minute waves [i] and [iii] (for labels look at last night’s update) formed reversal hammer candles after touching the lower trend line. I would expect the same type of reversal candle should today be the day it reaches its target. If this is correct, then just like we saw previously when BTC topped, we should see a break out of this pattern followed by a retest of the upper trend line before the next leg up to new highs begins in earnest.

About alphahorn

I received an MBA from Columbia University’s Graduate School of Business in New York and am a Wall Street veteran. I’ve worked for a number of investment banks including Smith Barney and First Boston/C S First Boston in New York. Over the years, I have developed my own Proprietary Swing System and I combine that System with my own Elliott Wave Analysis to trade.
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