hiteshbhatia3559

BTCUSD - Symmetric Triangle/Bear Pennant

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I've been looking at this situation develop for a few days - in my opinion, the current altcoin fuel is coming from some of the market share leaving Bitcoin             , aiming to get profits elsewhere. Long term I see this as a healthy sign, signaling further sideways movement - and inherently there is a problem with this statement. We've been in this consolidation for about 9 days while the triangle spans 14 days - a breakout either up or down is near in my opinion, with the BTCUSD             Short/Long ratio on Bitfinex indicating a breakout to the downside - but observing the last few months has led me to take positions when an entire range has been cleared out, hence the channels.

I believe any positions should wait for a definite breakout of either side, allowing for one to two days of consolidation around a broken support/resistance and supported by other market signatures such as a fib retracement on the way up or down. Keep in mind that the overall trend is bearish , and the laws dictate continuation as a more likely scenario than a reversal, especially since the 1D timeframe reveals a bearish descending triangle continuation as well. The cloud is contradicting this, with the Tenkan pulling upwards, possibly for a C clamp or weak TK             cross at some point. The Kumo is flat... let's wait and watch. I'll update as things progress.

I will stay neutral for now.

On the other side, I've been making money off the altcoins on BitMEX and Bittrex, choosing to steer clear, but as of right now all my alt positions are closed (in profit, all of them :) Please see my track record so far on my profile page!).

Please feel free to ask any questions.
Comment: u WOT m8? u w0nt dump?

NO DUMP D:
Community Manager and Moderator at OneX Capital Discord Group (https://discord.gg/8Xcmhcu), username: HiteshB#8784.
Thanks Hitesh, nice summary
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