The BTC BEAR Continues to Reign - Dump Inevitable
Updated
Quite of a textbook symmetrical triangle appearing on BTC charts. Bulls have tested 9k several times now, and the continuation pattern could send us plummeting down to the next level of support around 7700-7800. As many on here have stated, there is a lot of sell pressure above 9k, which gives is a more probabilistic downward continuation.
Symmetric triangles usually break before reaching the convergence point, so the risk:return is high on this one. Wait for either end of a potential break out into the larger bullish symmetric triangle pattern. Short on breakout below the triangle with profits locked in at 7700. Long on a breakout above 9000, and take profits at 9600.
SHORT: BEAR
MEDIUM: BEAR
LONG TERM: BULL
You're responsible for your own choices, this is my own personal analysis and there are always risks involved. I try to lay out the potential risk:reward in the near future for entertainment purposes only.
gl;hf
Symmetric triangles usually break before reaching the convergence point, so the risk:return is high on this one. Wait for either end of a potential break out into the larger bullish symmetric triangle pattern. Short on breakout below the triangle with profits locked in at 7700. Long on a breakout above 9000, and take profits at 9600.
SHORT: BEAR
MEDIUM: BEAR
LONG TERM: BULL
You're responsible for your own choices, this is my own personal analysis and there are always risks involved. I try to lay out the potential risk:reward in the near future for entertainment purposes only.
gl;hf
Note
We bounced very hard off of the 8650 ish resistance level all the way down to the exact bottom of our symmetric triangle. This is not indicative of whether we will go up or down, however, it is confirmation of our pattern.The extreme rejection from resistance to bottom of our trend is a sign that the bears might have the upper edge here. Keep watching for the break-out, and I'll keep everyone updated.
Hold on to your seats.. this one is getting suspenseful!
Good luck; have fun!
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