I see the potential for an Elliot triangle correction pattern. Forming as a correction to the downward trend started 7th Jan. If the upper resistance line of the triangle isn't broken, and we hit (D) and (E) on the chart, then I expect to see the price fall based on trend-based fib extension and prior support. Potential buy-zone at $5.1k - $5.7k USD. Ideas and thoughts welcome.
Commento:
www.tradingview.com/chart/HuyV4X9f/
Commento:
I should have acknowledged the fact we have some major support on the way down. It's not a free fall : )
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Ignore the first link. Still learning !
Commento:
We've hit (D) and (E), let's see if we break the lower threshhold of the channel. $10.5k to break the channel, $10k-9.5k we meet support. Let's see how supportive it really is.
Commento:
I've updated the chart to reflect the actual points hit, and adjusted the channel accordingly. Still appears to be a valid formation, although the boundaries have extended out a little.