BTCUSD: Measuring The Move of the Descending Triangle Breakdown
Updated
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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