I opened a small long position on the assumption that the price has touched the bottom of the triangle at point D and will reverse for awhile until point E. If my trend line is not accurate and we continue a lower to around 7K I will double my position and adjust my stop. If it breaks the previous low at point B I'm out. If we do reach point E I will take off half and see if we continue to break out of the triangle North. If not, I will tale the rest of my profits off the table. I'll let you know how it works out.....
If you extend your top blue line more to the left, you will see that the price entered your triangle much earlier, therefore the price is currently at an "E", not a "D", as the start of your "A" is actually supposed to be the end of "A".
BitcoinBearSlayer
⋅
@alexyeoh, I have considered that also in other charts. We will now for sure when it hits the top of the triangle again. Does it bounce off and continue down or bust through and head to the moon? It another reason I wanted to open a long now. Ether way, I have to make money. Unless of course it bust out of the bottom of the triangle now and continues lower. Looking at the RSI, etc. it looks more like we are due for a turn North. I think the odds are in my favor even if my count is off. If this is D heading North to E I make money. If it is E heading North to infinity I make money. It seems like a no lose entry. :D
BitcoinBearSlayer
⋅
@Kwa, sorry if my writing sounds retards. I often think faster than I type and hit Post way too early without proofreading. lol