Bitcoin Will Likely See 5k Before 10k To Break The Trend!!
Hello Traders,
Why Bitcoin must break down to break up. Bitcoin needs to create a new pattern
I've been meaning to to do a long term update for BTC for sometime now. This is strictly the message straight out of the book of Richard W. Schabacker (Father of Classical Charting Principles) Right triangles, are robust patterns that usually indicate a continuing trend after a declining trading range runs its course. They can occur regardless of the length or duration of a trend, but a trend must always be present. They are usually accompanied by contracting volume that suddenly increases as they break through the resistance or support levels formed by the base of the triangle. How far the price is going to move cannot be precisely measured, but there are methods that can give you a reasonable target price, especially when technical indicators are also used.
"Right triangles, are robust patterns that usually indicate a continuing trend after a declining trading range runs its course. They can occur regardless of the length or duration of a trend, but a trend must always be present. They are usually accompanied by contracting volume that suddenly increases as they break through the resistance or support levels formed by the base of the triangle. How far the price is going to move cannot be precisely measured, but there are methods that can give you a reasonable target price, especially when technical indicators are also used."
- Bruce Tintelnot
This pattern we are seeing in Bitcoin is nothing new and well documented. We need to break The Trend to go up. Most likely will break the yearly support forming and creating a new pattern. There will be bounces along the way, we may even retest $7100 but further declines are most likely. I believe probably have a dead bounce around $5400 and find our bottom between $5100-$4295. I'll be layering my buy orders all the way down.
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I would also like to credit Excavo for posting a similar idea.
Why Bitcoin must break down to break up. Bitcoin needs to create a new pattern
I've been meaning to to do a long term update for BTC for sometime now. This is strictly the message straight out of the book of Richard W. Schabacker (Father of Classical Charting Principles) Right triangles, are robust patterns that usually indicate a continuing trend after a declining trading range runs its course. They can occur regardless of the length or duration of a trend, but a trend must always be present. They are usually accompanied by contracting volume that suddenly increases as they break through the resistance or support levels formed by the base of the triangle. How far the price is going to move cannot be precisely measured, but there are methods that can give you a reasonable target price, especially when technical indicators are also used.
"Right triangles, are robust patterns that usually indicate a continuing trend after a declining trading range runs its course. They can occur regardless of the length or duration of a trend, but a trend must always be present. They are usually accompanied by contracting volume that suddenly increases as they break through the resistance or support levels formed by the base of the triangle. How far the price is going to move cannot be precisely measured, but there are methods that can give you a reasonable target price, especially when technical indicators are also used."
- Bruce Tintelnot
This pattern we are seeing in Bitcoin is nothing new and well documented. We need to break The Trend to go up. Most likely will break the yearly support forming and creating a new pattern. There will be bounces along the way, we may even retest $7100 but further declines are most likely. I believe probably have a dead bounce around $5400 and find our bottom between $5100-$4295. I'll be layering my buy orders all the way down.
Everything we provide is free and for the betterment of the community. Please give us a like and a follow. Remember everyday, new data, we try to stay up to date constantly. We have great group of good traders from the community here who are part of it and you can find it by checking our signature for more details tradingview is not a free community and there is not much we can say here without having issues with that or our charts deleted. So best thing is to constantly updated, share charts real time and trading ideas. Is to Check our signature.
Play the market don't let the market play you. Lets take back the power!!
If you want to educate yourself or share your ideas, come find us...
Stay Frosty.
Decentralized Live News
I would also like to credit Excavo for posting a similar idea.
Trade active:
Hopefully we find a bounce here somewhere.
Trade active:
Which breaks first, support or resistance?
Comment:
Trade active:
Still stuck in the range here between a support and a resistance. The ruling on Crypto that comes out of India should be interesting.