$BTC Bitcoin, the WRONG triangle everyones talking about!
Ive seen about 200 different posts about the triangle from 2018 just before Bitcoin broke down.
And the similarities were speculation at best, however, if you want
However, the speculation behind all of these charts is ignoring technical details that invalidate the argument completely, in my opinion.
Capitulation took place when we broke under 28k. That was the retracement zone after the RSI broke underneath its moving average.
In both cases we traded in this zone with a downsloping supply line / triangle, until the RSI fell under 50.
At this point we the floor fell out, and we made a new low over the following 3 months.
Thats where we are, with divergence on all major time scales, and yet to make a new low.
Simulatenously showing divergence on all major indices, the put/call ratio, and on the SP500 200day index.
Just food for thought, not advice by any means.
And the similarities were speculation at best, however, if you want
However, the speculation behind all of these charts is ignoring technical details that invalidate the argument completely, in my opinion.
Capitulation took place when we broke under 28k. That was the retracement zone after the RSI broke underneath its moving average.
In both cases we traded in this zone with a downsloping supply line / triangle, until the RSI fell under 50.
At this point we the floor fell out, and we made a new low over the following 3 months.
Thats where we are, with divergence on all major time scales, and yet to make a new low.
Simulatenously showing divergence on all major indices, the put/call ratio, and on the SP500 200day index.
Just food for thought, not advice by any means.