In the previous ideas I specified two target zones for the bears: 8620 & 8210."Currently, I have little doubt that the price will drop below 8650 within a week or two, so the question is where to go short":
The main target of 8210 was reached yesterday, and now the price is coiling to form a Triangle just above this level. Conditions for at least a short-term bottom are met. There is also a bullish Deep Crab harmonic pattern. Its formula is 1.618/.886/.382/3.14. So, there are two areas to go long:
- The optimal buy zone around 8150 (preferred);
- 8535 level that invalidates the Triangle and gives boost to the bulls.
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A couple of nice breakout patterns is alts to support our long idea:
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The bullish Pennant in BCH:
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One should be very careful trading this patterns, as forming a major bottom takes time. And a drop to 8100+ should still be considered. So, moving SL near breakeven as soon as the situation allows for it is an appropriate strategy.
