elchanin
Short

Triangle directing Bitcoin to the top C, pattern AB = CD

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The graph shows an upward bearish triangle, continuing to move along a downtrend. Cornelius Luca (reputable trader) explains this model in the following way - despite consolidation, demand is still lagging behind the supply.

It is clear that the resistance (supply) near $ 4,100 BitFinex, exceeds today's demand.

The possibility of forming a harmonious pattern AB = CD, and its goals were considered earlier:

Jan 04
Comment: For the continuation of further growth, it is logical to unload the long positions that have grown on expectations, and to increase the shorts during the fall


Futures market has reached the top of the downward channel
Jan 04
Comment: We went down, adjusted the support of the triangle. When breaking through, you can consider opening the short
that would be an ascending triangle which is bullish actually.
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elchanin rick2314
@rick2314, time will tell
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@rick2314, Maybe he meant ascending "wedge".
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roelkrottje rick2314
+1 Reply
elchanin roelkrottje
@roelkrottje, yes, I explained the logic of the fall)

"Cornelius Luca (reputable trader) explains this model in the following way - despite consolidation, demand is still lagging behind the supply"
Reply
roelkrottje elchanin
@elchanin, Nice job, I really like this analysis of yours - thumbs up! Let's see if it plays out.
+1 Reply
elchanin roelkrottje
@roelkrottje, thanks friend, come in more often)
+1 Reply
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