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Dreigon
Jun 22, 2018 9:01 PM

A possible completion of a descending triangle. 

Bitcoin / Tether USDPoloniex

Description

Hi all!

I believe we are watching the completion of a 6 months descending trianlge as seen in the graph. Breaking the bottom, horizontal trendline at 6k could open the road to ~4300 (0.786 fib level from 99 to 20K). On the other hand bounching back up at 6k would create an RSI reserval signal and if this would be followed by a breaking of the above descending trendline, could open the road to check 20k (longterm).

Of course all these are just my thoughts.
Trade wisely.

Comment

I should have written the below comments up here, but... next time.

3rd Day: Market dipped at 5760 (round number if this means anything at all) and closed again above 6k (~6151) with good for the time volume. As it seems bulls pick it up below 6k.

4th Day: Today I think it could be a good opportunity to test once more the upper descending trendline at ~6500. We'll see...

5 days to come including today's...

Comment

Update: The above descending trendline has yet to be checked again. Today can be found at ~6300. 6k on the other hand has been ckecked twice and holding strong.

3 days to come...
Comments
Dreigon
Actually it could take another 8 days in order to see the outcome. In the meanwhile BTC yesterday closed above 6k, today is hovering over this trendline with decent volume and RSI is in reversal mode...
Dreigon
6k just broke for an instance (5888.88 reached) and almost immediately back up above 6k. Lets see the sequel..
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