In the past months, we saw how a triangle was formed in the bitcoin chart, this made many investors think that we were going to have a bullish break and later it will take us to overcome the level of 20,000 dollars. Unfortunately, we will have a bearish process in the following months due to the downward break of the triangle (with the confirmation of the volume) which I think that the closest objective should be the 5,000 dollars and possibly the 3,200. We will continue waiting for this great bullish movement ... Have a nice day!
Hi. Thanks for your charts and sharing your ideas. Nice charting! I have a similar view with slightly different analysis. IMO I see the daily triangle as bearish and still in play while recent weekend lows hold and expect the market to advance in wave in wave E of the triangle; alternatively if the weekend lows give way I see the market breaking down sharply. I always enjoy your charts and look forward to your post. While I am starting to scale in I feel there is good probability we could break down; so saving some dry power. Good luck trading.
Here is my weekly chart with link to my 25 April 2018 post to full thread and recent updates if you are interested:
Daily chart - Triangle:
manzone
⋅
"Low volume often exists during an unsettled period, such as at a market bottom. Low volume reflects a lack of confidence that is usually indicative of a consolidation period when prices are within a sideways trading range"
nadjib
⋅
I don't agree with you, as you can see we forming a triple bottom
The triple bottom chart pattern typically follows a prolonged downtrend where bears are in control of the market. While the first bottom could simply be normal price movement, the second bottom is indicative of the bulls gaining momentum and preparing for a possible reversal. The third bottom indicates that there's strong support in place and bears may capitulate when the price breaks through resistance levels.
There are a few rules that are commonly used to qualify triple bottoms:
There should be an existing downtrend in place before the pattern occurs.
The three lows should be roughly equal in price and spaced out from each other. While the price doesn't have to be exactly equal, it should be reasonably close to the same price, such that a trend line is horizontal.
The volume should drop throughout the pattern in a sign that bears are losing strength, while bullish volume should increase as the price breaks through the final resistance.
Here is my weekly chart with link to my 25 April 2018 post to full thread and recent updates if you are interested:
Daily chart - Triangle: