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BTC: And Here Starts The Journey

BITSTAMP:BTCUSD   Bitcoin / Dollar
1771 14 11
Update 10/4: Price hits the key directional pivot and first downside target for the earlier forecast (link below) at 382. This should be the main major support for now, and the main remaining floor for price before the next target at 260.
Good luck

Earlier Forecast 27/3 :(
BTC: And here starts the journey
) BTC is moving in a clear downside bias, where the latest bullish attempt failed to test and break the falling trend. The price could be forming a major descending triangle , and thus i see the first target at 382.00. A break below 382.00 would be seriously harmful, as the measured move of the triangle formation points to -400$ ( a negative number (of-course this is imaginary number ) but what do you think that could mean?

P.S: I stick to my earlier forecast that BTC will be below $50 soon

Good luck
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ionication PRO
2 years ago
>> A break below 382.00 would be seriously harmful, as the measured move of the triangle formation points to -400$ ( a negative number ) what do you think that mean?

I think that means you should switch to logarithmic axis scaling.
Reply
Technician TOP ionication
2 years ago
Not really..
Reply
timwest PRO ionication
2 years ago
Exactly. Look at the move in percentage terms and project accordingly.
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Technician TOP timwest
2 years ago
I intentionally used the Arithmetic scale instead of the logarithmic. Guys I am just symbolizing here
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thomashvu PRO
2 years ago
If you everything turns out the way you said (so far is has), then how soon do you think we will reach ~ $50?
Reply
Technician TOP thomashvu
2 years ago
I really cant say.. but if i must guess maybe 1 to 2 years
Reply
vlad.adrian PRO
2 years ago
I can't wait to hear what those smartasses that insulted your previous bitcoin chart have to say about this. No technician, you don't know TA!!! Aint that right bitcoin 'forecasters' ?
Reply
Technician TOP vlad.adrian
2 years ago
:$
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Nathanael
2 years ago
while this could happen, and I can see BTC going to 0, this is not necessarily a descending triangle.

A descending triangle is a corrective triangle that is in a downtrend. Where this is a triangle that is in a long term uptrend. Take a look at the chart below
snapshot
Reply
Nathanael Nathanael
2 years ago
Also, wave "e" in a triangle commonly overshoots the triangle trend line (which is what we are doing/about to do) I see this happening instead:
Bitcoin: The Bullish Perspective
Reply
Technician TOP Nathanael
2 years ago
Well, it could be the case.Nothing Inevitable
I am not a big believer in Elliott though, too many possibilities . I use it in conjunction with other traditional technical tools.
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Technician TOP Nathanael
2 years ago
Perfectly stated, A descending triangle is a corrective triangle that is in a downtrend, this is how most technical text-books taught us.
However, this is not always the case, some technician such as bullkwoski studied samples of the occurrence of technical patterns and their success rates, the truth is all patterns continuation or reversal can occur in various ways, the trend leading to pattern could be up or down. For me I use my own judgment regarding patterns, cause technical analysis is not a pure science thatls why it fails lot. I encourage everyone to do that as well.

In general, I have learned that a descending triangle is a bearish continuation pattern, but I only use what i learned from books as a base to build upon my own conclusions, which may be different.

Good luck
Reply
Technician TOP
2 years ago
Again, -400$ just symbolize something near zero, read the description for god sake
Reply
AlexanderSneg
2 years ago


If you -400$ is a symbol of something that is "close to zero", the entire schedule of anything. Something.

Go past the cash Desk.
Reply
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