kaaiii

Will history repeat itself

Short
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Can a break to below $9500 take us back to sub $6000???

Looking back at the last descending triangle in November 2018 we dropped about 45% after the break to the downside.

Looking at the current COINBASE:BTCUSD descending triangle a 45% correction would take us to roughly the same point in relation to the overall move (just under0.7786 fib level) this also lines up with an area of strong support/ resistance all the way back to before the run-up in late 2017

Comments

YES.
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Take a look better, this is not a descending triangle!
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kaaiii dompa
@dompa, What is it then? I know people are making an argument for a symmetrical triangle... but on the daily it looks pretty descending to me.
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dompa kaaiii
@kaaiii, no matter if we go up and down, it looks more as a symmetrical triangle, espetially if we take a look at the volume by price range.
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dompa kaaiii
@kaaiii, And Chris from MMCrypto on youtube has explained that in today's episode.
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@dompa, Yes it is
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