LeMogwai
Short

Descending triangle, targeting 590s

BITSTAMP:BTCUSD   Bitcoin / Dollar
346 4 4
We can clearly see a descending triangle forming on the 4h, i expect it to break down and bounce around 590 but it could go much lower depending the volume .
Yes, I had also mentioned a descending triangle that could be seen on the daily chart. Today price broke through support at $610 and has been falling since.
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Reply
I absolutely agree. There are two advanced patterns pulling us down on the daily (gartley & bat) aside from the descending triangle. At a minimum we would expect to see the AB=CD completion of the Bat pattern at the level 590 level you've identified. Good work.
snapshot
+2 Reply
Hi LeMogwai...or a flag that breaks up?
With the macd crossing down it looks more likely you're right...I don't trust any signals at the moment though :-/
Actually, as I'm typing it looks to want to turn up again...potential flag :-)
-1 Reply
LeMogwai johnrfraser
until proven wrong the trends is down, so i don't see any reason to break up. Market need to rest, too much bulls hoping for a "summer bubble", that's why we have a lot of sideway phases.
+1 Reply
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