Last triangle is drawn incorrectly, its a symmetrical triangle(Lower Highs, Higher lows) not a descending triangle. A Symmetrical triangle after an uptrend indicated continuation of the trend.
Please check 4HR timeframe
UnknownUnicorn6361929
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@amynguy, You never count fake out when you analyze patterns. If you know what is fake out and how you spot it, you will knew that the triangle is descending. How you spot the fake outs? Stock it makes break from the pattern that it moves, and the next candle, it returns again inside the pattern. This is the reason why we are in descending and not in symmetrical. The previous top triangle was an exact copy past of this one we see at the moment. Another on thing that also we need to take in count, are the big winks in the whole picture of this pattern. Market is extra manipulated and with many traps. This one pattern, for me is a bull trap in the whole picture. In any case thank you for your opinion.
Phi-Deltalytics
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@MrsBitcoin2020, I agree we have many bull traps above. And fakes out are exactly what's needed to lure retail sentiment onto the bull side.
IamPhoenix33
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@MrsBitcoin2020, Could it be possible that the bear traps offer greater potential profit for BTC whales? I agree the market is extra manipulated, but I don't see the benefit of dumping Bitcoin below 8k *if* (and I'm speculating) there are many leveraged shorts below $8800. Thanks for sharing your chart and analysis! 🙏🏼🕉️🐬
amynguy
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@MrsBitcoin2020, ok I guess time as proved who was right here
hamedhercules
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Yesssss it’s true Mrs king btc2020 🙏🏻🙏🏻🙏🏻🙏🏻
Ramshaw22
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@amynguy, the descending triangle is more visible on CME chart