BTC has produced a Descending Broadening Wedge pattern with D being locked in last night/this morning.
It will be confirmed when price passes the downward trend line. Hopefully this bring us to 16100-16200 where we can either expect BTC to turn downwards for a little bit, or keep rising to 18200 area. I for one will be exiting if go well beyond 16200.
Yes many people want BTC to go up but sadly it won't and many people will be underwater and lose money as it will fo just the opposite. Good luck!
LoveDump
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@silmaril0875, That is why I said if it passes 16200 without taking a turn down I will be exiting. I believe if we see 18000s on the wave up then that completes the bear flag as we see 8000-6000. If not, up.
silmaril0875
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@Analwhore, fully understand but your graph says something very different.
jb71
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@silmaril0875, his/her "chart," not graph states it perfectly. You probably do not understand his/her reasoning for stating that he/she will get out if it goes very much over 16k. His chart clearly shows... up to 16,000/16,2000 and then down to around 14,000. That is the bullish count as we will then go up in a glorious wave up over 20k if we do so. The bearish count he/she was referring to is if we do not turn down at 16,200 and we go up to 18k then the bearish flag will be complete and then we will go down WAY below 10k. hope that clears it up for you. Excellent chart and analysis Analwhore. I see it the same way as you. Exiting BTC around 16k