Continuation Triangle Pattern for BTC - SOUTH
I've backed out my chart view in order to get a fresh look at the BIGGER PICTURE. What I am currently seeing is a huge triangle that has head faked North and then broken south just short of the triangle apex. This would indicate to me a continued decline in price. Also pulling back to a larger view also confirms the 11,700 area to be key. 11,700 provided brief resistance on the initial run up to 19,891 but then soon turned into support. After that, as you can see from the the chart, the 11,700 area has now turned into heavy resistance. All of the recent patterns, speculations, predictions, etc. etc. etc. seem to have reached a common turning point.
The right shoulder of the Head and Shoulders pattern many were calling for seems to have fallen away once hitting 11,700.
The price was rejected again at the 11,700 area forming what some are now calling a double top pattern
And this huge triangle pattern also rejected the price breakout at the 11,700 area to eventually break with some volume to the downside.
Some people say that the more times a price level is challenged the more likely it will fail on future attempts. That makes sense and is true in many cases.
For bitcoin, however, the more times 11,700 is challenged the more pissed-off the crypto gods seem to get. lol
It may take weeks or months but I suspect the 6,000 area will be tested again if not broken.
Good luck to all, whatever your position may be. I am currently flat with 100% in cash. Just watching, waiting, and looking for opportunities......
The right shoulder of the Head and Shoulders pattern many were calling for seems to have fallen away once hitting 11,700.
The price was rejected again at the 11,700 area forming what some are now calling a double top pattern
And this huge triangle pattern also rejected the price breakout at the 11,700 area to eventually break with some volume to the downside.
Some people say that the more times a price level is challenged the more likely it will fail on future attempts. That makes sense and is true in many cases.
For bitcoin, however, the more times 11,700 is challenged the more pissed-off the crypto gods seem to get. lol
It may take weeks or months but I suspect the 6,000 area will be tested again if not broken.
Good luck to all, whatever your position may be. I am currently flat with 100% in cash. Just watching, waiting, and looking for opportunities......
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The price continues to fall....
If this triangle pattern completes then point B of the Triangle to the top line give us a southern target in the $5,200 to $4,800 area. Call it $5K to split the difference. That does not sound impossible considering the amount of panic selling and shorting that will start when the price breaks below $9K
If this triangle pattern completes then point B of the Triangle to the top line give us a southern target in the $5,200 to $4,800 area. Call it $5K to split the difference. That does not sound impossible considering the amount of panic selling and shorting that will start when the price breaks below $9K
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Wow! What a blow to the charts. I'm sure there will be some to claim this is a mirror image of the far left shoulder and the price will rise again. That is kind of a self-fulfilled prophecy since nothing goes straight up or straight down forever. There will be a rest in here somewhere and even a slight rise I'm sure. That of course will convince many going long that they just caught the low of the right shoulder and to the moon we go! Of course they will get slaughtered when the downward trend continues and wipes out whatever temporary little paper gains they may have been showing on the board. Since I'm not setup for going short, I'm just sitting this out and watching for a bottom. The real bottom. Or as close to the real bottom as I can get....
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Another Bear Flag just broke to the downside on the 30 minute chart. Current target under 9K. That's where it might bounce as previously stated. Some will jump in thinking this is the new low of the Right Shoulder.
Personally I think the price will bump around there for a bit and then continue South. There is nothing really on the board to convince me otherwise.
Stay sharp!
Personally I think the price will bump around there for a bit and then continue South. There is nothing really on the board to convince me otherwise.
Stay sharp!
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Yet another Bear Flag is on deck! The last flag break was good for over 1,000 points and this flag, when it break South, is projected to go down around the 8,600 area.
I believe that kind of move south would trigger an onslaught onslaught of long covering and short selling producing a very wild ride until things settle.
The bulls and bears will definitely be having the fight of their lives!
I believe that kind of move south would trigger an onslaught onslaught of long covering and short selling producing a very wild ride until things settle.
The bulls and bears will definitely be having the fight of their lives!