I have labored over this triangle for some time now. Depending on where you start it could make it either Bullish or Bearish with an ABCDE wave pattern inside it. Based on how far and fast bit-coin has climbed and the crazy volatility evolved over the same time period I have decided that it makes more sense the triangle towards the bearish bias. If this pattern plays out as drawn, and the volatility dies down to next to nothing around $2000, I would have to imagine that many of the bulls and the bears will be so disgusted with bit-coin that they just walk away for while. This of course would be the ideal time to go long and hodl IMO. From the chart you will see I took my estimate of the decline using the swing high and low of the triangle as indicated by the blue vertical line. I then copied this line and applied it to the bottom of the triangle towards the apex because that would be the most likely place for the triangle to break south. If it were to break south as anticipated by the chart the bottom target would be around $2000 which lines up perfectly with previous support on the left of the chart. This is a long range projection with a lot of possibilities in between so the accuracy of such a call playing out exactly as depicted should not be expected.
Full disclaimer: I am currently in cash waiting for bit-coin to make what I believe to be the final bottom of this correction that was spawned from a parabolic bubble like rise in price. Once everybody's hopes and dreams are destroyed, I will be looking to buy back in at the rock bottom if I can catch it before the final turn NORTH. As you can also see from the chart, if this plays out as drawn it is going to take quite some time.
Good luck!
Full disclaimer: I am currently in cash waiting for bit-coin to make what I believe to be the final bottom of this correction that was spawned from a parabolic bubble like rise in price. Once everybody's hopes and dreams are destroyed, I will be looking to buy back in at the rock bottom if I can catch it before the final turn NORTH. As you can also see from the chart, if this plays out as drawn it is going to take quite some time.
Good luck!
Comment:
Here's a little more detail on how this triangle could play out.
Comment:
Moved my lines a little to match up with the current price movements. The direction is the same as it was when I posted the original chart. DOWN!
Comment:
Not exactly on the line but pretty dang close! :D
Trade active:
I put on a long position at the bottom of the triangle with the expectation of the price reversing again and heading back to the top towards point E.