We had a strong breakout on the inverted chart for BTC/USD in less than 24 hours of my last post. The price broke past the falling wedge I sketched previously and we now seem to have entered a large symmetrical triangle. As bearish as this is for Bitcoin, the bears would be better off being very careful here. We expect the symmetrical triangle to eventually break to the upside but the bears might want to look out for a retest of the bottom of the symmetrical triangle.
Patterns and formations seldom play out like textbook. That makes a lot of traders and investors say. "technical analysis does not work". That is not true. Technical analysis does work (very effectively) if you know how to do it right. Most of the so called gurus and chart experts that you see online that have thousands of followers don't even know the ABC of technical analysis. They see the price break past a trend line and suddenly they assume the trend has changed. Trading is about discipline, it is about leaving emotions at the door and it is about being cool under fire. Your sole focus should always be to go against the consensus. You cannot do that by agreeing with the majority.
Please leave your comments and suggestions down below. If you liked this idea, give it a thumbs up and follow for more. Good luck! :')
Patterns and formations seldom play out like textbook. That makes a lot of traders and investors say. "technical analysis does not work". That is not true. Technical analysis does work (very effectively) if you know how to do it right. Most of the so called gurus and chart experts that you see online that have thousands of followers don't even know the ABC of technical analysis. They see the price break past a trend line and suddenly they assume the trend has changed. Trading is about discipline, it is about leaving emotions at the door and it is about being cool under fire. Your sole focus should always be to go against the consensus. You cannot do that by agreeing with the majority.
Please leave your comments and suggestions down below. If you liked this idea, give it a thumbs up and follow for more. Good luck! :')
Comment:
Played out perfectly.
