Expanding or Reverse Symmetrical Triangle
Updated
This is not investment advice its just my opinion. I see an expanding triangle that will eventually make the price reach 3k in the pivot support unless this is an actual reversal as people been saying and traders that bought at the 5.7k 6k range.
Expanding or Reverse Symmetrical Triangle
Also known as a broadening top, an expanding triangle or a megaphone top, the reverse symmetrical triangle is a bearish indicator, and the technical implications are usually extreme.
It is a rally to a new high, weakness to an intermediate support level. Then it’s a second rally to a higher high on increased volume and a decline through the intermediate support level. And, finally, there’s a third rally to a higher high on strong volume, followed by an eventual collapse.
Again, this pattern develops because of indecision and extreme volatility.
Source Investopedia...
BTW Im holding ETH and other alts (not important) waiting on march to see a better overall market cap and wait for other alts to go back to their normal prices will use this dis to buy more to average down and sell my other alts. Wont hold ever again. In a firm believer in cutting losses. Cogno Again this is just my opinion I hope I didn't bore you!
cognitive dissonance
n. Psychology
The psychological tension that occurs when one holds mutually exclusive beliefs or attitudes and that often motivates people to modify their thoughts or behaviors in order to reduce the tension.
Source thefreedictionary.com/Cognative+dissonance
Twitter @britradean9
Expanding or Reverse Symmetrical Triangle
Also known as a broadening top, an expanding triangle or a megaphone top, the reverse symmetrical triangle is a bearish indicator, and the technical implications are usually extreme.
It is a rally to a new high, weakness to an intermediate support level. Then it’s a second rally to a higher high on increased volume and a decline through the intermediate support level. And, finally, there’s a third rally to a higher high on strong volume, followed by an eventual collapse.
Again, this pattern develops because of indecision and extreme volatility.
Source Investopedia...
BTW Im holding ETH and other alts (not important) waiting on march to see a better overall market cap and wait for other alts to go back to their normal prices will use this dis to buy more to average down and sell my other alts. Wont hold ever again. In a firm believer in cutting losses. Cogno Again this is just my opinion I hope I didn't bore you!
cognitive dissonance
n. Psychology
The psychological tension that occurs when one holds mutually exclusive beliefs or attitudes and that often motivates people to modify their thoughts or behaviors in order to reduce the tension.
Source thefreedictionary.com/Cognative+dissonance
Twitter @britradean9
Note
investorplace.com/2009/04/technical-analysis-101-triangles/ for the expanding triangle source sorry this my first post
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