A much cleaner triangle

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The picture for most might have been confusing when BTC starts bouncing with conviction and a lot of people hope that the new bull market is starting. I wanted as much as the next guy, but it's so clear that we are still bearish and will continue to be until we have a violent move to the downside. On the 3 advances you see within the triangle we first broke over the 200 EMA , then over the 100 EMA and now only over the 50 EMA . The price action gets weaker. The conclusion of this pattern is coming to an end and I expect a breakdown in the early days of October.

Good Luck!!!


Hello Sir, on your chart we have just break upward the descending triangle, but not with force, what do you expect after this little pump today? Thanks ;)
@EthER13, We did break it. I want to wait for another daily candle to close over the trend line and want to see bigger volume. Also if we are able to close above 6,750 I think we will see some good continuation to the upside. Lets see what happens on Tuesday.
+1 Reply
EthER13 CryptoAddict77
@CryptoAddict77, Okay, thank you very much for this answer!
bitcoin midterm overview that everyone must see
1000x exact analysis my friend, u spotted the thing i ignored and keep drawing symmetrical triangle but the seems much more logical and bearish.
CryptoAddict77 wolfgang95
@wolfgang95, Thanks
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