Bittimmer

BTC Bullish Falling Wedge

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I'm learning to trade to forgive me if i'm totally wrong.

To me this seems like a falling wedge , all the signs seem to point toward it.
Oktober has been a month where bitcoin turns around so i'm hoping to see this happen around 15th of oktober.

Also if we make one more lower low there will be a lot of shorting going on which can trigger a massive short squeeze when price picks up even a little, leading up to a lot of buying volume which will confirm the pattern.

Anyone care to comment?
most people are seeing that as a descending triangle (which is bearish), to me the chart pattern while important is not the most important. if the solidx ETF gets postponed or rejected it will likely dump to lower lows, if it gets approved it may be the end of the bear and start slowly reversing. id say 95% of the charters are seeing further downside, im seeing a lot of 3-3.5k calls. who knows..
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Bittimmer itzroyyyy
@itzroyyyy, Yeah who knows indeed, it's so hard to cut the chaff from the wheat on tradingview though.. to me it looks like a wedge but almost everyone draws it as a triangle so i'm probably wrong :) I'm just wondering then how to draw the lines, should i also take in the wicks or can it also be noise.
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itzroyyyy Bittimmer
@Bittimmer, everyone draws lines on a chart slightly differently, all depends on the type of trader you are i suppose.
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