There was some talk in Reddit from user Factitiously_Real about some sort of triangle pattern. I looked into more and found it to be a flag pattern instead.
This is a consolidation before the continuation happens. This flag has been setup perfectly because it does have a nice bull trend before it. There was a sharp decline before entering into it. It is showing signs of weakening. I think we had a bullish pennant just a few days ago which I will go find now. Found.
I like how the ATR has also been falling with price. Good sign for things ahead. The RSI has been flat lining diverging from the price. I would like to see upward sloping divergence but this is still good.
Seems like people need to pay their bills or are taking their profits they have and are running. Only good explanations to such a sharp price drop.
Wow, incredibly spot on. Any thoughts for the next couple days?
ItisCalvin
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I am a little worried about wave 4 ending and going down. We could continue on to 770 or if it goes beyond that we are talking mid 800s. Not really in-depth right now. Right now we just hit a Fib at 680. There is another down at 560 that could possibly hit.
The possible resistance at 680 needs to be broken. It concerns me that we could fall.
Lechango
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I think either a nice dump to 560 or some consolidation around these levels is in order. I'd rather the former to give me a chance to stock up on some more cheap coin, however I don't think many want to risk selling right now.
We haven't quite broke into bubble mode just yet, if we look at past bubbles we see a long-ish period of consolidation before rocketing to new highs, I think we are getting close to that point.
ItisCalvin
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True, but it just takes a small group of big holders to break into those stop loss or take profit orders to cause a tumble down the stairs. Full rampage mode isn't on but bubbles do take about a few days and nice moves up to become apparent. I was living trading the last two bubble tops we had buying in on the quick dip down and selling on the second top. The markets go QUICK! Like about $1-2 moves in less than 30 seconds tells you that it is soon to pop. Then it does but gradually slows.
I'd love to get some more coins down low but may just wait it out few more candles to see what is what with the patterns.
stevo87
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you called it man
ItisCalvin
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Looks like I did. Apple news seems to be also helping. TA + fundamentals. The only problem with a flag is guessing the timing. No real guidelines.