< $20K BTC still possible. We're not out of the woods yet.I got rid of the noise by using Renko bars and saw a potential Bear Expanding Triangle in development. An Expanding Triangle is a pattern that starts with the price action squeezed tightly in the Apex (dotted blue line). There will be usually at least two swing highs and two swing lows in price. Overall volume usually diminishes as the pattern develops because traders become more and more unsure as to the market’s future direction. Also there may be several intermediate failed efforts to reach either the support or resistance as outlined by the triangle extensions. If the action creates a new bearish breakdown, typically the action will repeat the volatility experienced with the Pole creation (the vertical thick blue line). We also need to pay close attention to the volume after the breakdown to recognise further development for the pattern. Another breakdown downwards is possible.
What do you think of this pattern?
