Using a simple lesson in pattern recognition to estimate trend change in BTCUSD The chart shows a clearly labelled bear flag: a structure obtained by a bearish move down separated by a period of consolidation. It's targeted move is it's pole extrapolated from the breakdown of the consolidation period.
Hopefully, nothing controversial here:). But sure, if you have any comments or questions you'll like answered don't hesitate to ask. …if I have the "correct" answers I'll be sure to engage.
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Does below 18k sound like a reasonable place to launch a long bid?
Thanks and well done on sharing your first post with the community. Hope you liked the challenge. Wish you a lot of profitable trades! 🍀 ✌🏽from mod @Nico.Muselle, TradingView moderator
Firstly, lovely job on charting. Clear, concise and clutter free. You are one of the few that has given a precise measured level with reasoning where bitcoin should recover from. While i agree with you in principle, is it possible the downtrend is already over?
nihilist78
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@chaosbegone, Yes it's possible the downtrend is already over. It already hit 61.8% of the extrapolated target. But I didn't invent chart patterns:) They exist and are used consistently for a reason. The reason being that they are invariable more right than wrong.
nihilist78
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Leave a comment that is helpful or encouraging. Let's master the markets together.
✌🏽from mod @Nico.Muselle, TradingView moderator