Cryptoknight3
Long

$BTC in Descending Triangle on Log Daily Chart

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
It is now clear $BTC is in a descending triangle with at least two points of touch along each trendline . Descending triangles break down 64% of the time, but in cases where the price rises into the pattern (less common) as occurs here, a break up occurs 73% of the time. If $BTC breaks out, it will have a target of 18000-20000 depending on the breakout price. The descending triangle is one of the strongest patterns, with price meeting the target 83% of the time on upward breakouts. Read more here: http://thepatternsite.com/dt.html
Nice to see the stats.You last charts seem to be spot on. Any reading for beginners you recommend?
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Cryptoknight3 lovetofail
@lovetofail, I try to keep it simple. I use a chart pattern image list for initial identification. Then I read the relevant article at the above site (http://thepatternsite.com) for confirmation. He gives lots of stats for almost every chart pattern.

For beginners, Investopedia is a good site for learning the basics about the different patterns.
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