Se7enSkies

Bitcoin in a Descending Triangle?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
1) Bitcoin is trading within the boundaries of a descending triangle .

2) within that triangle Bitcoin has formed a complete cup in reverse and another cup in reverse is forming and not complete (the second reverse cup is not confirmed yet), which tells me that the jump to $52K was the top for now.

3) I expect the bottom for this reverse cup to be around $29k-$30k, but while it’s going down there will be fluctuations and that gives the short term traders to make money anyway.

4) Bitcoin has formed 4 giant descending triangles in the history of its existence at the end of its bull cycles and all of them have ended up in further collapse of the price until the end of the correction.

5) Past huge descending triangles indicate that bitcoin’s bottom is not in, but it doesn't mean you can’t make money on the high price fluctuations of this beautiful market.

6) I expect another bull run when we touch $29k again but may not go past the boundaries of the descending triangle .

7) just remember btc was programmed to follow the price pattern that it has followed so far, so there are no fundamentals when it comes to programmed money. I would appreciate it if you prove me wrong so I can learn something too.

8) ladies and gents , let me know what you think in the comment section below

Comments

nice view
+1 Reply
Yup. I draw something similar some time ago. Massive inverted cup-and-handle.

https://www.tradingview.com/chart/Aldi8zk5/
Reply
@Dude_Lebowski that’s a beautiful chart. Good job.
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