UnknownUnicorn6047038

#BITCOIN - We have TWO TRIANGLES at the same time

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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we completed one target on previous downward wave. now price formed two triangles ascending and symmetrical. at current an ascending triangle is workng, which means we can take a long position, if price makes a breakout or the resistance we can continue to long it.

but if price made a breakout of the support trendline we will get the symmetrical triangle breakout, which means we can take a short position

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Do not trade this idea before you make your own analysis!

Comments

it has to go down to 4000 to confirm bottoming
+2 Reply
@lpan9, no it does not have to go down anywhere! coming down this hard was a gift! you should have bought it..
+1 Reply
GranUnic0rn SpaceCatZ
@SpaceCatZ, it dropped exactly to the lower bound of the broadening descending channel that is still intact ever since we made the 14k high.
+1 Reply
GranUnic0rn GranUnic0rn
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@lpan9, it doesn't have to go down. But as traders we would like to see a double bottom pattern so we know that the move up will be more solid. I'm pretty sure we will retest that bottom. If not MORE. We are very BEAR right now.
Reply
SpaceCatZ cryptotrain
@cryptotrain, Deep V shape is also strong bottom formation like double bottom. Latest drop was not natural... Manufactured so Hopefully we do not see that double bottom formation.
Reply
lpan9 SpaceCatZ
@SpaceCatZ, V wouldn't be for this time because everywhere in the world is bearish, very small crypto investors need to withdraw money because they lost jobs during the virus season.
+1 Reply
@lpan9, we are yet to see. Inorder for it work there must be sharp pull back. if weekly closes above 5000 range it is even better. People are so blinded with sharp drop they can not see the Big picture. back in 2019 we went as low as 3150. weekly rsi point was exactly the same as current . from that level we moved 4.5 times straight climb to 14000.... if you look at 15 min to 12 hour charts thing seems drastic but on a weekly no! people already forget about halving with is in april :)
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