As I was thinking about my last update with the descending triangle pattern, I was looking at the chart and we have an even greater similarity to a pattern that happened before. however, this pattern seems to be compressed like it's happening much quicker. The first thing to notice is back in march of 2018, look how we had 2 peaks and how they compare to the present outlined in purple. Very similar. Then we have been making a series of lower highs just like before. Even after the first dip, we had a similar pattern form in the bright purple line, but again, the time compression is much smaller. This leads me to believe that we might get another smaller bounce off of 9.3k to 10k again. But is it worth the risk with a potential massive downward move? That remains to be seen. Either way, check out the details I outlined on my chart up there. I go into the RSI and MACD on my previous analysis below, be sure to check that out as well.
If we look at the magnitude of the last descending triangle, we had a 41% move to the down side. If that were to happen again we would get a move down all the way to the 5.5k-6k area before basing out. I believe just above 7k will make for a good trade, but it will require discipline knowing that we could drop to the 5.5k-6k area. After that happens, I think it will be a great buying opportunity going into 2020. Keep in mind what I have outlined takes MONTHS to transpire and that we could be moving sideways for a while. However, once this all take place, whether we base out at 7k or 5.5k area, I think it will make for a great long term buy opportunity and it will be time to HODL all the coins. Want to know what I will be buying? and how I do it? check out the site I put together.
Even though Bakkt resolves in real BTC, the trader may actively trade in Bakkt for weeks or months. They can of course short BTC in order to drive the price down so they can pick it up cheaper later on. So if you were a big player with $20 million to spend on BTC at Bakkt, would you pay full price for BTC and HODL? Or would you be tempted to drive the price down so you can pick some up for a couple thousand cheaper? I would love to take a picture of the Moon Boys' faces when Bakkt opens up later this month and BTC price tanks. That would be a Kodak moment. LOL
bubbleman
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@BDG, mate! awesome comment, i was thinking the same and saw few other dudes talking about this...but somehow most of the dudes are extremely bullish about bakkt...i am not sure. i am defo for btc in the long run but not sure about bakkt hype...and its kinda too obvious and we know what happens most of the time if the direction seems too obvious..
BDG
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@bubbleman, if the Crypto Fear and Greed index is over 65% on Sept 23 from the bullish euphoria of Bakkt opening, I would be shorting BTC. The majority is always wrong.
Even though Bakkt resolves in real BTC, the trader may actively trade in Bakkt for weeks or months. They can of course short BTC in order to drive the price down so they can pick it up cheaper later on. So if you were a big player with $20 million to spend on BTC at Bakkt, would you pay full price for BTC and HODL? Or would you be tempted to drive the price down so you can pick some up for a couple thousand cheaper? I would love to take a picture of the Moon Boys' faces when Bakkt opens up later this month and BTC price tanks. That would be a Kodak moment. LOL