Bullish potential - an alternative

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
If you just take the descending triangle that is readily observable here at face value, then things look rather bearish . However, we can also now see that a larger symmetrical triangle is coming into view and also a tiny ascending triangle as well (in yellow on the chart).

Given that most people are bearish right now, I am going to take an alternative view and challenge the mostly bearish sentiment. As you can see, we can break either way out of this triangle, but given that we are still very oversold and have still seen no major moves despite major volume , it is possible that we break upward. Consequently, I believe that there is probably more upside right now than there is downside. We have been making lower highs recently, but if we manage to break the most recent lower high, then I believe that is sufficient evidence that the market is bullish rather than bearish .

If, however, it moves past $192 support, that still doesn't rule out a double bottom . Therefore, while the market could go either way, it is prudent to question the rather bearish sentiment in the market right now.

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I guess the small move down before it then shot up was a Chinese fake out by a whale to accumulate more before the pump.
MoonTrader ChartArt
Yep, probably. I knew something was up, so I did not short that. Good thing.
+1 Reply
Hah MoonTrader it did hit both our upside entry prices. I didn't follow through because it didn't look solid to me. GL if you did enter.
MoonTrader netixen
Yup, I had stop buys at $204 and they got hit. :D
MoonTrader netixen
This is why you don't try to short in such an oversold market.
netixen MoonTrader
Don't be hard on yourself, we saw 'oversold' get smashed so many times in the last couple of months.
MoonTrader netixen
Oh, I'm not being hard on myself. I'm saying I did NOT short, and I'm glad. I'm long since $204.
netixen MoonTrader
Oh good for you, GL!
+1 Reply
So now we're back to looking at that bigger descending triangle and going back to bearish?
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