Descending triangle, target 565$

BITFINEX:BTCUSD   Bitcoin / Dollar
351 6 4
The price is waving in a descending triangle with a bottom line acting like a heavy support at 578.
We should see another top before a breakdown around 587-588 (depends on the timing).
Looks right to me. Also just wanted to point out the volume is decreasing as well which fits the pattern perfectly. Volume should build on the breakout - as you can imagine when that huobi wall goes down :)
+1 Reply
Thanks, on ichi i could estimate that closing the 4h candle below 579 on bfx would be a significative signal to sell
you still think we're going down to 565?
LeMogwai PaulAnthony
That's what i m thinking right now :
PaulAnthony LeMogwai
awesome analysis! i noticed the arguments for your ichimoku (10,30,60,30) were different from the default arguments (9,26,52,26). what's the reasoning behind your different numbers? also, is the descending triangle setup still valid or are you only going by ichimoku now?
LeMogwai PaulAnthony
i explained it on one of my old idea, but i don't advice you to use these settings, You end up differents result from what the other people on the market see. I use them because they "work good for me" and i think the clouds are more precise.

Here is the explaination :
Originaly Ichimoku settings are (9, 26, 52, 26) based on this statement :
"As a result, the number nine represents a week and a half of trading; 26 equals the number of trading days in a typical month (30 minus four Sundays); and 52 equals two months of trading days." (based on japanese history)

For bitcoin, the market is open 7 days a week every month.
- 1st number : 7+3.5 = 10 (better because of low volume on sunday)
- 2nd and 4th numbers : 30 days in a month
- 3rd number : number of days in 2 month : 2*30 = 60 days
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