BTCUSD: Measuring The Move of the Descending Triangle Breakdown
In 2018 there was an accuracy within 0.25% ($16) of the measured breakdown of the descending triangle . The calculation equaled $3,145 (-48.2%) with the low arriving at $3,129. Based on the 2019 Daily descending triangle , the measured move of -32% takes the price to $6,410, give or take $16. If this Daily triangle is breached to the upside I will calculate the Weekly descending triangle , that has a reduced measured move.
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Correction: I'll calculate the Daily descending triangle if the weekly is breached ;-)Note
If Bitcoin Repeats History?Part 1: Descending Triangle Looking Similar To 2018
Part 3: A repeat of 2014? Worst Case Scenario A $2,500 Low
(The above is Part 2)
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Part 4: If Bitcoin Repeats History? Extrapolating 2012 Breakdown
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Part 5: If 2017 Descending Triangle Repeats? Best Case Scenario
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Right on schedule down to $8160, post bakkt launch.Note
Part 6: If Bitcoin Repeats History? Monthly TD Sequential Red 1
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Part 7: Another Bearish Indicator: 200 EMA & MA Bearcross
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Part 8: Bitcoin's Full Moon Reversal 6 Month Pattern
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Part 9: TD Sequential 9 Next Week To Decide Direction?
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Part 10: Extrapolating the 50 & 200 Day MA bear crosses
Trade closed: target reached
It's taken more than two months, but the original bearish target looks complete, at least by a margin or error of $116 (1% approximately).Note
Just noticed we came within $20 of the measured target, that will also do to complete this pattern.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.