Bitcoin Turning Point - Apex of Descending Triangle

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Retail investor confidence is at an all time low, however institutions will soon have custody options ( Google coinbase custody). As Mike Novogratz (former Goldman Sachs exec) said, institutions are waiting for custody before they fomo into the market. Bull or bear, everyone who has an interest in Bitcoin should watch this video

Right now I don't think there is any reason for anyone to go long or short on Bitcoin . We are at major support at the $6,000 level which has held well so far, and we're also at the apex of a large descending triangle .

Descending triangles will usually break to the downside after a long advance, however with the amount of manipulation in this market and low volume levels, I think anything can happen. I would find it hard to believe that Bitmain, who made 2.5 Billion dollars selling miners in 2017 and is considering an IPO , will do nothing to save Bitcoin from dropping below 6,000 where mining would be unprofitable. They would only need to spend a relatively small amount to break to the upside of this descending triangle . The closer to the apex we get, the less they would have to spend.

If bulls ever had a position to defend, this would be it. They have the opportunity to break to the upside of the descending triangle and retake control of Bitcoin's price action. If they just lay down here, then we should see $4,950 very soon.

TL;DR: Regardless of fundamentals, don't buy or sell Bitcoin until it breaks decisively out of this descending triangle .
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.


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