This could be a bearish descending triangle as we continue failing to reach new highs. I currently have no position as I am waiting for confirmation to break the bottom of the triangle, but just wanted to share with you. We could also bounce of the bottom of the triangle for a strong push upwards....confirmation should happen in about 24hr.
Do my charts help you out? Encourage me to keep them coming :) (BTC) 1LcA9fbYyuYQBtWhRyxFfXkJNMDYmNMMVj
Comments
wade8977
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I think there's always a possibility of bearish triangle breaking i the other direction.....i think the advantage of identifying it is to know where to cut your losses (something I'm slowly, and painfully, realizing). However, in the long term scope, upwards from here sincerely does not make sense to me. However, I'd love to hear from @DanV on what his perspective is.
P.s.s. You (as well as DanV) have been the most helpful charts I've yet to find to find on trading view. However, you've previously confirmed my erroneous opinions before, so until I make a killing you are going to have to accept my kind words as encouragement enough. Still appreciate your work, though
wade8977
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Also, where are you guys " chatting at? can I get in this? :)
Nathanael
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Hey wade - appreciate it. I find every error I make is a lesson learned, so all charts, especially mine should be taken with a grain of salt....
Check the trading view chat, Dan often hosts presentations and google hangouts.
Nathanael
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I had a chat with Elliott Wave Pro @DanV, and I am afraid he gave me a whole other perspective. Now I don't know what this is anymore......
inteblio
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Yes, this is this.
It's noteworthy that the triangle formations are more neutral on all the other exchanges. BTCe and Halloumi are both 50/50 ... and also of note, the triangle will end sooner with them. I'm very curious how they'll bide their time.I vote break down.
Also, I say 666+, not 592
IamCryptoWolf
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It looks more as a triangle waiting for an upward or downward breakout
If you're talking about the WHOLE MASSIVE mega triangle, I think you'd have to call this 'a down trend' - because we are SO NEW to this "1000" stuff....
in fact, because it's the whole-massive-mega-triangle, it seems to me to prove that it's gonna break down. I'm sure we'll be back up to 1000, but not 1200 already.
P.s.s. You (as well as DanV) have been the most helpful charts I've yet to find to find on trading view. However, you've previously confirmed my erroneous opinions before, so until I make a killing you are going to have to accept my kind words as encouragement enough. Still appreciate your work, though