In contrast to 2015 Ascending triangle missing? Just wait
Updated
Descending triangle this time?
Of course I see it. (dotted line - DT visible better in Day time-frame) Everyone sees it. Absolutely everyone. You know it when all think the same - market just tend to make the opposite and in retrospect we will say why.
In the last cycle, in 2015 our break from bottom ended up in ascending triangle.
Now are people pointing out, that this is the difference from the last time.
However - not so fast. Of course descending triangle can play out. Yet the 21 week MA which terribly close might work as well ... and few facts. The last time, in 2015, it took about 200 days to form ascending triangle - visible in week candles. Now we would be in mid term of that - and at that time in 2015? No ascending triangle visible, just downward movement. Not a descending triangle, still bearish pattern - it broke upwards un the 21w MA -and only after that it created the second point of ascending triangle.
If we are to play the sentiment similarly - than, the current upwards move (not visible on BLX - it is from today) would be just one of many ones respecting 21wMA (150D MA), after few bounces it would break out from the current descending triangle up and reach somewhere between 11600 to 12000 - creating already visible resistance of the newly forming ascending T.
Am I sure about it? No. Absolutely no. Not sure. However I will willingly suffer the down-move if it come to that, rather than risk on missing. Considering my longtime belief on the long term bullishness of BTC, and approaching halving, I am not gonna speculate on the downward move, if I am uncertain, even if it really looks like descending T. now. If there is more of those like me, than the sentiment may just evolve like what I have described now.
... But on the bright side I might sell in about 11 500 if it goes like in 2015 and accumulate in this way.
Of course I see it. (dotted line - DT visible better in Day time-frame) Everyone sees it. Absolutely everyone. You know it when all think the same - market just tend to make the opposite and in retrospect we will say why.
In the last cycle, in 2015 our break from bottom ended up in ascending triangle.
Now are people pointing out, that this is the difference from the last time.
However - not so fast. Of course descending triangle can play out. Yet the 21 week MA which terribly close might work as well ... and few facts. The last time, in 2015, it took about 200 days to form ascending triangle - visible in week candles. Now we would be in mid term of that - and at that time in 2015? No ascending triangle visible, just downward movement. Not a descending triangle, still bearish pattern - it broke upwards un the 21w MA -and only after that it created the second point of ascending triangle.
If we are to play the sentiment similarly - than, the current upwards move (not visible on BLX - it is from today) would be just one of many ones respecting 21wMA (150D MA), after few bounces it would break out from the current descending triangle up and reach somewhere between 11600 to 12000 - creating already visible resistance of the newly forming ascending T.
Am I sure about it? No. Absolutely no. Not sure. However I will willingly suffer the down-move if it come to that, rather than risk on missing. Considering my longtime belief on the long term bullishness of BTC, and approaching halving, I am not gonna speculate on the downward move, if I am uncertain, even if it really looks like descending T. now. If there is more of those like me, than the sentiment may just evolve like what I have described now.
... But on the bright side I might sell in about 11 500 if it goes like in 2015 and accumulate in this way.
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