nDman_sk

A Right-Angled and Descending Broadening Formations

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
People are over exited about Inverted H&S formation or Small Triangle formations but they forget the bigger pattern makes the direction of market.
In daily chart I see this "Right-Angled and Descending Broadening Formations" which it can be Bullish or Bearish but in a down trend must of the time it breaks out bullish .
As I see it can breakout upward now but because the length of RADB pattern is short the breakout will not have enough energy to move up the price too much.
But if it not breakout and go down then it will touch the down trend line between 2.2K to 1.8k $.

For more information about RADB pattern read this page:
Right-Angled and Descending Broadening Formation
I totally agree. People are too excited and the majority thinks we’ve already hit the bottom so BTC can now moon to $5k or $6k. BTC Longs have increased in recent days and have reached a very high and critical level. The small 7% price rise we've seen today only means more profit for bears if they push down the BTC price to the levels you mentioned. The biggest attack potential for bears may be tomorrow at 10 UTC, as Bitfinex will go offline for 3 to 7 hours due to a maintenance. Imagine what happens if in the meantime bears squeeze down the price by 500-1000$ and then Bitfinex goes online again. Wouldn't it end in a mass liquidation of all those longs? Curious about other opinions.
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