Decrypt0

BTC - The steam is cooling down

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hello!
We can see that the momentum for BTC is dropping, the recovery from 7500 was bit weak and it looks like we're facing to much resistance at 8200.
For now I see the odds are slowy turning in the favor of the bears.
My target for 10k is on hold. This is only short term though as we need to see how it develops when meeting support/resistance again.

Good luck!




Comment: Nice breakout to the upside!
Cool, I agree.

How do you calculate the percentage of probability?
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Decrypt0 spyxo2x
@spyxo2x, There are some statistical information about the patterns, I use this data together with information about the size of the triangle and also together with indicator information.
Regarding the breakout we can see that the triangle measurement was lower, 8300-7500=800. Triangle Apex=800 . price target was met at 8000+800. (880
Now I only can assume we will keep this momentum until we see a corrective chart formation, which would mean subsequent lower highs in a bearish formation.
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Decrypt0 Decrypt0
Typo edit: triangle apex = 8000. And 8000+800 is of course 8800.
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