So guys this looks very bullish now, bitcoin just broke it's last triangle upside and looks ready to break this new one plus the inverse head & shoulder pattern. If bitcoin does so it will probably retest the last high around 14K.
My opinion is that you can not draw a triangle like that, with basically 1 point touching on the upper end. You could say: if we make a significant higher high, than we most likely retest the high of the run. Also the headNshoulders has a steeper neckline, it is not drawn as it is, it is drawn as it would look better:D what do u think?
FrederickDupont
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@DanielJeney, good points, all points that I'm aware of... But you're too meticulous, what you gotta understand is the forms, even if they're not perfect, are still there. H&S mean market tried 3 times but failed so it should go the opposite way, even if the neck isn't perfect... Not necessary to see a perfect neck line to understand what's going on in the market. Same thing with the triangle, you can see the pattern of a bullish triangle, I could simply have put my upper line a bit under where it is and it would have touch 3-4 times (don't know if you can see it)... But my goal was also to show the resistance level at the same time... I know it's not perfect but the goal was to show patterns the market's doing even if they're not perfect cause they're still there and mean something almost as powerful as if they were perfect. But thanks I appreciate your opinion!