MoonTrader
Long

Possible double bottom and triangle resolution

BITSTAMP:BTCUSD   Bitcoin / Dollar
152 3 3
We failed to make a new bottom during the last bear run, but we got kind of close, which suggests a possible double bottom , kind of like the double top in June, as I've illustrated on the chart. There is also a triangle forming (dotted blue lines) that may determine which way we go in the long-term. Break down and we're headed way down, break up, and we may head way up. It all depends.

We've had enough good news that I think it should be affecting the markets at some point, even if it's not immediately noticeable. I just noticed this interesting double bottom pattern and thought I would share. I think we're due a long-awaited test of the long-term downtrend shown by the red arrow.
Ever seen a double bottom in Bitcoin which held for a whole whopping two weeks? Yeah, me neither.
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MoonTrader HerSerenity
Ever seen anything hold for 2 weeks? Not really. The volatility in BTC is going down. We're seeing the price move sideways a lot more than it used to. The market is changing.
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HerSerenity MoonTrader
Agreed, not saying your setup is unlikely to work out, just very unlikely to be anything more but a short-term bottom.
+1 Reply
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