Hello, dear friends! 😊The cryptocurrency market continue declining rapidly. Of course, Bitcoin is doing the same.🔻
I've shown You on my chart, what we might expect in the next week or two.👇
In the photo ⚪️ below is a typical price movement, breaking out of the triangle downward. Taken from a technical analysis book.📖
I think we can expect something similar. 🧐The $58,000 level has been looming for a while.🤓
If we hold there, we might be able to bounce off it. It's a strong support level. If we quickly drop below it, then we might see $52,000.💡
❌Being in a long position right now is very risky.❌ People, who were planning to wait it out should reconsider their strategy. The market is still in a downtrend, as usual before a halving. However, the current downtrend might last a bit longer.🤷🏽♀️
📌But: there are plenty of cool opportunities ahead, so don't despair!🩷
Thanks for Your attention🫶 Always sincerely Yours, Kateryna💙💛
Trade active
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Trade active
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Looks like we are ready to touch 58 000 so soon👀
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We've broke down 58 000 💥 Moving lower to next target!
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The first target reached 💥 Looking for 52k. Is it real?🧐
Nice ! Thank you for well balanced and precautious statement.
Just curiosity and respectful. Why did you show Descending Triangle Formation Pattern instead any other pattern like Bull Flag or Pennant, Symmetrical or Ascending Triangle ? 💌
RocketBomb
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@geektokrypto, Hello, honestly, I'm rereading a book on technical analysis, saw a similar price formation, and recognized the current market situation, so I decided to share.😊
RocketBomb
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@geektokrypto, I see many different patterns, but all of them have the same outcome.
RocketBomb
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@geektokrypto, BTW, did You see triple top pattern? 🤣 Because, I see it 🤣
geektokrypto
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Absolutely. A lot of patterns. All of them, may indicate early price declining. However, some of them ( e.g. Bull Flag), may probably end breaking up. As usual, we'll need pattern validation and confirmation.
Thank you for your response.
geektokrypto
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@RocketBomb Good Catch !! Yes, we could say that too. I found this pattern quite plausible, like a textbook, before any soaring price.
RocketBomb
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@geektokrypto, I've been looking at popular charts on TV, and some traders are confident that if we drop below 58, the bull market is over. I disagree! A quick retest of these levels could be followed by a sharp rebound, accumulation, and further growth!
I don't see a problem; the market has been overheated. It's impossible to grow for six months without a correction.
IMHO
geektokrypto
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@RocketBomb Excellent ! It's good to keep our minds wide open to play it on.
RocketBomb
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@geektokrypto, Yeah, agree! Thanks for a great talk 😊
geektokrypto
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My pleasure. Anytime. It's nice to have an educated conversation and to clarify point of views. 👋
Just curiosity and respectful. Why did you show Descending Triangle Formation Pattern instead any other pattern like Bull Flag or Pennant, Symmetrical or Ascending Triangle ? 💌