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BITCOIN Break out time for the Triangle. Buy or Sell?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The Descending Triangle on 4H is testing the 8900 Support that was made right after Saturday's 10500 peak. At the same time the Triangle is just below the Lower High trend line with no room for extension so a break out will come either way.

What are the scenarios?
* If the Triangle breaks to the upside, I am expecting a 0.618 Fibonacci rebound before a -12% decline to 8700. This is synthesized after the RSI pattern from early - mid October which is similar with the Triangle's. A 0.618 pull back resulted in to a -12.35% decline to the 7330 bottom.

* If the Triangle breaks to the downside then the short term target should be the 0.618 Fibonacci retracement (from the 10500 top) at 8550 and after another pull back the 0.786 retracement level at 8000.

Remember this is a short term projection and Bitcoin is exposed to a high degree of volatility on such time frames, so manage the risk in accordance to your account size and margin.
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Agree
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Now that we see, the break out did not start a new pump up, what do you think of all this?
Seems to me like sloppy manipulation.
+1 Reply
Jellocat Reikens
@Reikens, If , we see a spike and drop on Sunday… Yes, to the man pullung the strings:)
Just watching this show as it unfolds.
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@TradingShot ;) We are in a very decisive moment, I believe bitcoin will stay above the fibb line, otherwise we will have a slow descent to the limit of 6000 dollars, but I assume that bitcoin will not slip below the inheritance guideline marked in red and from which it bounced 3 times. at this moment I expect bitcoin to break above USD 10100, otherwise we can expect a reunion around USD 6700-6800 and with 4 positive Doij confirmation.
best regards
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Good Idea!
What do you think about my analysis on BTC. In my opinion the price is moving between two extremes now. But based on the current behavior of the price I think that downward scenario is more possible option. I explain why I think so and give the details in my idea.
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The price is above the downtrend. A technical analysis figure is formed - a pennant. There is a high probability of working off the figure on the height of the canvas or even on the height of the "flagpole" of the figure.
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damn you noob
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There is strong resistance around the .618, could stop and rally there.
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