BTC - narrowing triangle to take us to final target
Updated
We are currently replicating the pattern from 6K low to 7.2K low. There may be a false breakout at the end of the triangle, but I believe the finale target may be at the bottom line of the triangle.
Other possibilities I could imagine:
a direct drop out of the triangle
an upwards break out of the triangle at it's end if BTC makes a run now or after another minor drop.
We'll see! This is just me playing around, definitely no financial advice!
Other possibilities I could imagine:
a direct drop out of the triangle
an upwards break out of the triangle at it's end if BTC makes a run now or after another minor drop.
We'll see! This is just me playing around, definitely no financial advice!
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BTC just took a drop down, respecting the pattern nicely. I expect it to bounce off around $7965. No financial adviceComment
There is a symetrical triangle now inside the falling wedge. That is interesting, as the symetrical triangle is not a continuation pattern. It it a 50/50 pattern, so we might see a first indicator soon whether we are dropping to around 7650 now or if BTC may start a ralley to 8400 or even higher to touch the resistance line of the large triangle.Comment
I mis-typed the number above, not 7965 but 7665.Comment
So the drop to the downside happened and bounced exactly at the red support line. I expect it to accumulate there briefly and then drop to the target.From there I expect BTC to bounce and do one more bull run. But it is approaching the end of the triangle, and I feel like the bounce will not have enough steam to touch the triangle resistance line. My guess would be around $8400. From there I guess we start the last big downtrend to 4.5-5K.
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The small symmetrical triangle pictured above morphed into a larger one. There was a fake breakout to the top, a typical behavior for a symmetrical triangle, before dropping out of it downwards. The small move upwards before this drop that I anticipated didn't happen and the alternative scenario described at the beginning happened, BTC dropped out of the triangle directly. The target of this drop should be $7200 for now. BUT, interestingly, this could also be just a fake breakout of the large, blue symmetrical triangle. I lean towards bearish though and my final target remains around 5K.
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And another symmetrical triangle. 50/50, but I believe it's more likely this will break out to the downside since we're so close to test 6K again, and the breakdown from the large blue triangle suggests a final target below 5K.Comment
morphed into bear flag, so the direction should be down. Target of the bear flag is the much anticipated 6K support.Comment
Final large bear flag is (well, should be) forming. It's target happens to be the same as the large blue triangle's target, $5000.This could still play out very different, so this is no financial advice. There may be a bounce at 5.8 - 6K area, but I personally believe BTC will drop further.
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nothing changed, still the same target from the very beginning. I saw some 'Top' traders having the same target just now (and bragging about that they showed it first, yeah right). Maybe that makes my analysis more likely...maybe not ;)Comment
BTC gets rejected at the channel resistance, blue line, forming a triangle. Next targets of that triangle should be $6400, then $6000.Comment
Still same target as more than 2 weeks ago. Comment
Well...I have to surrender to moves like this...not natural Comment
Someone decided to push BTC back to the support line of the large blue triangle, which functioned at resistance now. All within a couple minutes. Crazy
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