This is it: Descending Triangle building up for Bitcoin (BTC)
Updated
This is it: Descending Triangle building up for Bitcoin (BTC)
Hey guys, my last scenario is still playing out but it is critical that we hold this 7800-7700 level. Otherwise the odds will highly shift in favor of the bulls in a perfect descending triangle pattern that has been building up for the past 2 to 3 months.
This also reflects to be a mirror image of Bitcoin from December 2013 to May 2014.
This pattern makes sense, if you think about it. A lot of people are talking about locking in profits now where last year it was all about 'hodling.' What that psychology is doing to the market is getting bounces of known levels and then selling faster and faster every time. The ONLY way we can break this psychology is by crashing through 9k and all those people locking in profits will get left behind. When this keeps happening again and again, the buy and hold culture will come back thus taking us on a third wave to 11.8k.
There is NO WAY to ignore this descending triangle pattern. I hate to admit it, I've been looking for other patterns but that is me trying to not be objective. Thus, I'm giving this chance a lot more probability at this point.
This will also prove Tone Vays right about going down to 5k (or below). HOWEVER, I am still bullish in that we will recover from this quickly. Like McAfee said on an interview:
'It doesn't matter how low Bitcoin gets, it will come back with a viciousness you've never seen before EVERY TIME'
And I believe that as well :)
That is because I think people FEAR most missing out than loosing profits.
What are your thoughts? What day or year/month are you reading this now? Comment below...
Hey guys, my last scenario is still playing out but it is critical that we hold this 7800-7700 level. Otherwise the odds will highly shift in favor of the bulls in a perfect descending triangle pattern that has been building up for the past 2 to 3 months.
This also reflects to be a mirror image of Bitcoin from December 2013 to May 2014.
This pattern makes sense, if you think about it. A lot of people are talking about locking in profits now where last year it was all about 'hodling.' What that psychology is doing to the market is getting bounces of known levels and then selling faster and faster every time. The ONLY way we can break this psychology is by crashing through 9k and all those people locking in profits will get left behind. When this keeps happening again and again, the buy and hold culture will come back thus taking us on a third wave to 11.8k.
There is NO WAY to ignore this descending triangle pattern. I hate to admit it, I've been looking for other patterns but that is me trying to not be objective. Thus, I'm giving this chance a lot more probability at this point.
This will also prove Tone Vays right about going down to 5k (or below). HOWEVER, I am still bullish in that we will recover from this quickly. Like McAfee said on an interview:
'It doesn't matter how low Bitcoin gets, it will come back with a viciousness you've never seen before EVERY TIME'
And I believe that as well :)
That is because I think people FEAR most missing out than loosing profits.
What are your thoughts? What day or year/month are you reading this now? Comment below...
Note
We are looking at this descending triangle pattern to play out. My reasoning below. We need to give buyers more motivation, and everyone is selling as soon as we reach the 7600 level. The bulls are running out of steam because of that. Nobody wants to buy the 7600 level.
There's a chance for the 7500 to hold if there's A LOT of consolidation.There could also be a quick snap to lower 7k and then a snap back to 7500 which might wake up the bulls again but this is all looking unlikely. Friday nights usually provide volume after business hours from 6pm PST to 10pm PST, and that might determine the momentum going forward.
Order cancelled
Descending triangle became a bearish symmetric triangle which is going to play exactly the same. Same target of 4900, but how we get there is what changes. So I will be cancelling this idea and post an update based on this. We are going to 8200, reject and come down again. Again, I will post a new idea so you can get a visual based on this theory.
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