Hello traders! As you know, we remain bearish on Bitcoin and friends! (Watch Related Ideas) So, in a quick analysis we want to show you some evidences of a bearish continuation!
On the 1st picture we can see a falling wedge pattern, which means that BTC can be approaching the end of a correction once it hit new lows and completes the pattern. 2nd picture is showing a bearish triangle pattern , which is also a continuation pattern and points lower into new lows. And, in the 3rd picture we are tracking Bitcoin Volatility Index, where we can clearly see another ending diagonal in progress, so we may see some high volatility , similar as it happened at the beginning of September, so once it hit new lows, be aware of a decline on Bitcoin and friends.
Keep in mind that we are at the beginning of October, so is this just another evidence of a decline soon?!
Good luck and trade well!
Comment
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The importance of 61.8% Fibonacci retracement! New leg down soon?
Is thiS A JOKE? The line on the falling wedge is so far off it hurts??? If you want a trend line use the reference points don't just ignore half of them!!!
ew-forecast
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@drdavidscrypto, it still a falling wedge, sorry to not be precise enough for you, but the msg is clear. its a wedge, but ongoing.
badei
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@drdavidscrypto, There is free, excellent educational material for you and for all of us to learn, observe another view from another trader who clear knows his stuff (if you could see that) and the reaction is an insult instead of gratitude. If you have an opinion, let it be a constructive one so you get treated back with respect. Fortunately, ew/forecast's reply was still polite which shows the character of a person. This kind of banter and foul mannerism is happening too often on TV which is a shame. You would not express yourself, as you did, openly in a classroom towards your teacher like that, would you? This is not an attack on you personally just my view that one should show respect and good mannerism towards one who gives his free time to prepare free constructive educational material in order to share it with his fellow traders for the benefit of further learning and development.
Thank you ew/forecast for your time and shared knowledge.
TomPower
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ok never even knew there was a BTC volatility index, as u say education! well done. that falling wedge looks bullish unless we get one more push down to that 5k number u were looking for.
TomPower
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@TomPower, Gad darn the monkey man, u were right , I'll give u that!