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DrewR
Mar 28, 2014 1:17 AM

Descending triangle downward break may lead to severe BTC lows Short

Bitcoin / U.S. dollarBitstamp

Description

Assuming we follow a ABCD type pattern and the descending triangle quietly forming for some time (as seen on the daily) breaks down, bitcoin most likely will be in for a ride.

If you have been following me in chat for sometime, you might have heard me say to exit in the upper 600s (due to a H&S-like pattern/pitchfork/etc.). If not, you can see some of the snapshots on my twitter stream (but keep in mind, I use twitter as my personal scratch pad to save chart snapshots).

P.S. My speciality is short term predictions as I am day/swing trader (so chat snapshots are far more frequent); thus, for confirmation of any long term prediction, I would advise looking at traders who focus mostly on those type of predictions.
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