TL:DR - Likely in a Symmetrical Triangle with good probability of bull run in 1 month, but WAIT for confirmation.
Update to the mid-term picture of Bitcoin with daily candles and log scale pricing. This chart looks at a new possibility for Bitcoin: The Symmetrical Triangle formation. In a symmetrical triangle neither trendline is flat, but rather both slant toward each other. This formation is generally a consolidation and continuation pattern. This means it is most likely to be followed by a resumption of the prior trend, in this case, a bull market.
What gives this formation more credence is the time frame: The longer the time frame, the more powerful the signal.
Unfortunately, not all symmetrical triangles result in a trend resumption so I have drawn two possibilities: (1) we bounce off the lower trendline around $6800 and then skyrocket to $10k+ (2) we crash through $6800 down toward $5000.
If you read my previous write up on BTC I discussed the possibility of a Triple Bottom formation with previous bottoms on 2/6 and 4/6 and price target of a 3rd bottom around $6800. I also said this pattern would likely take a month to form. I now believe we are seeing a Symmetrical Triangle but either way, it's likely a bullish signal and I still believe $6800 will be paramount to hold.
For those of you in despair that we are heading down, I encourage you to listen to this interview with billionaire Mike Novogratz. If you don't have time, the summary is: HODL and be rewarded in 6-9 months.
***This is not investing advice. I am not an investing professional. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
Update to the mid-term picture of Bitcoin with daily candles and log scale pricing. This chart looks at a new possibility for Bitcoin: The Symmetrical Triangle formation. In a symmetrical triangle neither trendline is flat, but rather both slant toward each other. This formation is generally a consolidation and continuation pattern. This means it is most likely to be followed by a resumption of the prior trend, in this case, a bull market.
What gives this formation more credence is the time frame: The longer the time frame, the more powerful the signal.
Unfortunately, not all symmetrical triangles result in a trend resumption so I have drawn two possibilities: (1) we bounce off the lower trendline around $6800 and then skyrocket to $10k+ (2) we crash through $6800 down toward $5000.
If you read my previous write up on BTC I discussed the possibility of a Triple Bottom formation with previous bottoms on 2/6 and 4/6 and price target of a 3rd bottom around $6800. I also said this pattern would likely take a month to form. I now believe we are seeing a Symmetrical Triangle but either way, it's likely a bullish signal and I still believe $6800 will be paramount to hold.
For those of you in despair that we are heading down, I encourage you to listen to this interview with billionaire Mike Novogratz. If you don't have time, the summary is: HODL and be rewarded in 6-9 months.
***This is not investing advice. I am not an investing professional. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
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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.
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.