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kaaiii
Sep 20, 2019 8:45 AM

Will history repeat itself Short

Bitcoin / United States DollarCoinbase

Description

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
DAVEREXX
YES.
dompa
Take a look better, this is not a descending triangle!
kaaiii
@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.
dompa
@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.
dompa
@kaaiii, And Chris from MMCrypto on youtube has explained that in today's episode.
CryptoCapo_
@dompa, Yes it is
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