Bitcoin
Will this .618 - .786 Fib Retracement cap continue to hold price down or will we see a break in pattern with the next volatile swing?
The symmetrical triangle is simply a period of indecision and as most of you reading this know, Bitcoin has been suffering the indecision of this bear market for 9/10 months now.
If I had to pick a direction right now, I would be 75% on the sell/short side aiming for the lower FIb extensions shown in this chart.
If we break pattern and get above the .618 - .786 cap we keep seeing I would expect the upper Fib extensions>
If the latter happens expect to see lots of these charts http://thepatternsite.com/bigw.html
In conclusion, Leaning short until proven otherwise.
The symmetrical triangle is simply a period of indecision and as most of you reading this know, Bitcoin has been suffering the indecision of this bear market for 9/10 months now.
If I had to pick a direction right now, I would be 75% on the sell/short side aiming for the lower FIb extensions shown in this chart.
If we break pattern and get above the .618 - .786 cap we keep seeing I would expect the upper Fib extensions>
If the latter happens expect to see lots of these charts http://thepatternsite.com/bigw.html
In conclusion, Leaning short until proven otherwise.
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.