Akil_Stokes
Short

BTCUSD - DESCENDING TRIANGLE & BEARISH BREAKOUT

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
As many of you know, I''m not a crypto trader so, I'm not up to date on what's happening on the fundamental side of things. But as a technical trader here's what I see on the price chart.

Over the past 10 months or so, price has created a pattern formation called a descending triangle . (For more on the psychology on this pattern see my Youtube video "Lessons I've Learned From Losing") If we were to see a violation of the lows of this pattern formation then the prediction would be a bearish breakout.

Like all breakout patterns there are 3 ways in which I teach how to trade them.

1 - Positioning yourself in anticipation of the breakout.
2 - Positioning yourself during or directly after the breakout
3 - Waiting for the confirmed breakout and waiting for a pullback.

Akil
Register for our FREE 4 Day Online Trading Workshop Nov. 18th-21st
https://tieronetrading.com/bridging-the-gap/

Check out my FREE Weekly Youtube videos
YouTube https://www.youtube.com/akilstokes

THE TRADING COACH PODCAST
https://linktr.ee/AkilStokes
Total Coin Market Cap : 2014 vs 2018
Reply

From a Technical Analysis perspective there is very little to argue with @Akil_Stokes ... I've given an attempt at analysis of fundamentals (not me strongest point though) in the publication above. According to that I don't see us breaking the bottom of your triangle....

But hey, as a wise man once said ... "Anything can happen in the markets" or "markets can stay irrational much longer than you can stay solvent" :D
Have a great day my man ! Peace ! :peace:
Reply
I agree akil, in my backtesting of Forex pairs i noticed when a descending triangle occurs they sometimes break to the upside first and try 1 last attempt to go bullish before surrendering to the bears. have you noticed this phenomenon in your years of experience?
+1 Reply
Akil_Stokes Willzwilliam
@Willzwilliam, I've noticed false breakouts that do such, but not enough to make it anything tradeable for me.
Reply
why so extreme biase theory wait for btc to break then you talk
+1 Reply
@UmairEjaz, It's simply a prediction, and as traders that's what we do. We are predictive in our analysis and reactive in our execution.
+2 Reply
Yeah I would also say that this descending triangle is probably going to break. I mean we all love crypto here. But we have to admit that there's clearly a lack of retail buyers now that the euphoria of the 2017 bull run is done. My bullish scenario is that we hit the bottom somewhere in January next year and from that point we start a new chapter, a clean recovery and path to new ATH. Cheers.
+2 Reply
@Rimla, Thanks for sharing your views Rimla!
Reply
broke already ?
+1 Reply
Akil_Stokes RickyParker
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out