Descending Triangle Breakdown
It may happen tomorrow or it may string us along until the end of the year but it would seem this descending triangle has the potential to drop back down to support from LAST YEAR'S descending triangle. If this takes as long as before and we end up consolidating well into it's apex that would give time for the 200 week MA to move up and create strong support again as well (just like last year). This also makes sense with the Fib retrace because dropping to last years support would put us in the "golden pocket" between the 61.8% and 65% lines. I drew the fib using monthly candles which is why it falls a little short from the top of the triangle, but considering how volatile price action was around that top, I feel it's a good spot. I am short until we reach the buy zone between 8500 and 5000 (I doubt it will fall past 6400 & 6000 though). Then I will gradually transition long for the inevitable run back up as we approach the halving next year.
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