Another day another update on BCT. Price is moving in descending triangle which you can see on 1H timeframe. This is another pattern within another pattern which is a part of another pattern and so on. The point is that this type of triangle suggests future price drop. Here are the stats for you:
Average price decline after breakout is 25% and if you remember yesterday's broadening wedge got same percentage of price drop and position of triangle is bottom of wedge. Add 1 to 2 and you have 25% price drop. Volume should trend downwards and do I have to point that it perfectly fits that requirements. 1 in 2 descending triangles reach price target so we have 50% chance that decline will occur.
Of course if we suddenly get bullish momentum and people start buying like crazy than forget about all that FUD that most likely BTC is going down. If you are optimistic there's 50% chances that we will go up and if that happens it will result with 27% price rise as on average this is what you get if descending triangle breaks upwards.
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This information is not a recommendation to buy or sell.
Average price decline after breakout is 25% and if you remember yesterday's broadening wedge got same percentage of price drop and position of triangle is bottom of wedge. Add 1 to 2 and you have 25% price drop. Volume should trend downwards and do I have to point that it perfectly fits that requirements. 1 in 2 descending triangles reach price target so we have 50% chance that decline will occur.
Of course if we suddenly get bullish momentum and people start buying like crazy than forget about all that FUD that most likely BTC is going down. If you are optimistic there's 50% chances that we will go up and if that happens it will result with 27% price rise as on average this is what you get if descending triangle breaks upwards.
IF YOU LIKE TRADING IDEA SMASH THAT LIKE BUTTON!!! IT'S IMPORTANT.
DON'T BE TIGHT - GIVE A LIKE
This information is not a recommendation to buy or sell.
Comment:
Our triangle got corrected on top trend line but apart that pattern still valid and still indicating price drop.
Comment:
and we're going down as expected