BitcoinUpdated Enter the Triangle of Death
But seriously, you should stay out of the triangle.
A lot of things happening here. Bitcoin is one fickle mother f#$%#, and right now we're still inside of a symmetrical triangle going sideways. The sideways action will more than likely last for a few more days, with a break in either direction.
As you can see on the chart, I've outlined the possible paths that the coin could follow. Including what I believe are the 4 best candidates for exit points.
Should we break downwards from the first red pin, we might stop before we reach $7000. However, I don't think that will happen, if we were to drop from one of the red pins, I think we're looking at the $6000 range, a drop that will be very sharp and equally as dramatic as the sudden increase in price up that follows.
Should we break upwards, we face another hurdle as we approach 9k. Namely, it's the trendline created by the peak that was created from our first attempt to break free of this downward channel back at the beginning of March. Believe it or not, we were technically successful, for all of a day or two, and peeked out at towards greener pastures before getting clobbered back down. So, I actually have no idea how strong that resistance line will end up being. Therefore, even if we do break out of the triangle at the green pins, we might be in for a protracted period of sideways action at that line, with of course the risk of being sent back into the downward channel.
If we were to drop through the red pins either today or tomorrow, I believe we are going to get right back on our feet and resume this march uphill. However, if we break upwards, and then get clobbered down by the mystery trendline in black, we're basically going to have to repeat the last 2 weeks and hope for a better outcome. This is due to the fractal patterns that are currently taking place and the fact that those patterns will have to complete in some shape or form, just as they have already completed in smaller time frames, before we can move any further.
STAY OUT OF THE TRIANGLE!!!!
A lot of things happening here. Bitcoin is one fickle mother f#$%#, and right now we're still inside of a symmetrical triangle going sideways. The sideways action will more than likely last for a few more days, with a break in either direction.
As you can see on the chart, I've outlined the possible paths that the coin could follow. Including what I believe are the 4 best candidates for exit points.
Should we break downwards from the first red pin, we might stop before we reach $7000. However, I don't think that will happen, if we were to drop from one of the red pins, I think we're looking at the $6000 range, a drop that will be very sharp and equally as dramatic as the sudden increase in price up that follows.
Should we break upwards, we face another hurdle as we approach 9k. Namely, it's the trendline created by the peak that was created from our first attempt to break free of this downward channel back at the beginning of March. Believe it or not, we were technically successful, for all of a day or two, and peeked out at towards greener pastures before getting clobbered back down. So, I actually have no idea how strong that resistance line will end up being. Therefore, even if we do break out of the triangle at the green pins, we might be in for a protracted period of sideways action at that line, with of course the risk of being sent back into the downward channel.
If we were to drop through the red pins either today or tomorrow, I believe we are going to get right back on our feet and resume this march uphill. However, if we break upwards, and then get clobbered down by the mystery trendline in black, we're basically going to have to repeat the last 2 weeks and hope for a better outcome. This is due to the fractal patterns that are currently taking place and the fact that those patterns will have to complete in some shape or form, just as they have already completed in smaller time frames, before we can move any further.
STAY OUT OF THE TRIANGLE!!!!
Note
Check out DarkEnergy's latest BTC post. I think he's call of the bottom 4.5k and then a sharp increase up will prove accurate. If he is right about the $8800 high, and I think that will be the case as well, then we exit the triangle at one of the green pins then get owned by the mystery black resistance line. Damn it, I hate that guy!Note
we beat the mystery black line, hooray. You can guess where we pause next.
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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.