this is the 1D timeframe and you can see that Bitcoin is facing heavy resistance -- represented by the black line going across. Just what does that black line represent and why is it important? Well, if you look at the 1M (One-month timeframe) you will see that BTC has not been able to close the month above exactly this point ($10,800) This will be the third month in a row that it does that, It may mean that it needs to go back down to pick up more buyers in order to break through this barrier. Back to the 1D (1-day timeframe), you can see that BTC is trying to overcome the 50MA once again (Which was has done before) but once again in a very weak way. All the signs are pointing to BTC going back down to the trendline at $10,080 or $9,800. The indicators are split, so it is best to stay out, however, I would bet we have a down move coming. NEO however, is looking good to go into at 10.00. Don't forget to follow me to get a list of which alts to jump into when the time comes.
If you believe in a bearish outcome near-term why would you try to illustrate a Symmetrical Triangle? It's supposed to be a continuation pattern. The market is really hard to analyze right now because you can just as easily use the two points where 9k (ish) was found to be support and project a Descending Triangle, which is bearish. It looks like the hopes of the interpreter are going to guide analysis more than subjective analysis at this point.
Hence the disproportionate number of bullish charts we've been seeing here for the past couple of years.
Hence the disproportionate number of bullish charts we've been seeing here for the past couple of years.