BitcoinShort
Bitcoin - the chop before capitulation?
Updated
The price looks to be consolidating in a choppy symmetrical triangle, which are considered to be continuation patterns.
Volume has been diminishing during this period of consolidation, so there is no sign of a reversal in my opinion and no impulsive moves to the upside.
WARNING: every time I trade based upon my reasonable expectation that a triangle will continue the trend, price moves in the opposite direction!!!
My target is a re-test of the July 17 low, but I'll be setting my buy orders a little above above this.
Volume has been diminishing during this period of consolidation, so there is no sign of a reversal in my opinion and no impulsive moves to the upside.
WARNING: every time I trade based upon my reasonable expectation that a triangle will continue the trend, price moves in the opposite direction!!!
My target is a re-test of the July 17 low, but I'll be setting my buy orders a little above above this.
Trade active
I'm going to set some buy orders around $3100 - $3200 as I think we could bounce from there. But so far, so good. Too many people are now expecing sub 2k at this point so, knowing that the market never gives plebs what they want, I'm front-running my original target.
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