A Tale of Two Triangles: A Comparison of 2017 & 2021 Part: 2
COMPARE THIS CHART TO THE OTHER ONE I JUST POSTED. This is the 2021 chart, the other is 2017.
"The price of success is paid in advance."
Here is the thinking that needs to be done in advance of executing a trade:
Bitcoin regularly prints a pattern called a "Symmetrical Triangle." It also creates "Descending Triangles" that have a straight bottom and a downward sloping topside.
This symmetrical triangle is an area where long time holders are selling over a period of time so that they get the best "average price".
They created buy pressure by breaking the all-time-high.The time factor also shakes out other week hands that panic. Once the selling pressure dries up it goes on to create a new all-time-high, extending the bull run further.
They are more likely to break in the direction that the market is trending overall, but not always.
The decrease in volatility as selling or buying pressure dries up creates a "spring" and leads to a lot of potential energy being released in whichever direction the price breaks.
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***Upside target is 60% for 1% risk. Long Entry Point: $40,200 Possible Exit: $50,000-60,000***
***Downside target is 10-23% with 1% risk THEN an upside target of 75-100% for 2% risk after it bounces. Short Entry Point: $33,000, then Long Entry Point where indicators indicate. ***
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"The price of success is paid in advance."
Here is the thinking that needs to be done in advance of executing a trade:
Bitcoin regularly prints a pattern called a "Symmetrical Triangle." It also creates "Descending Triangles" that have a straight bottom and a downward sloping topside.
This symmetrical triangle is an area where long time holders are selling over a period of time so that they get the best "average price".
They created buy pressure by breaking the all-time-high.The time factor also shakes out other week hands that panic. Once the selling pressure dries up it goes on to create a new all-time-high, extending the bull run further.
They are more likely to break in the direction that the market is trending overall, but not always.
The decrease in volatility as selling or buying pressure dries up creates a "spring" and leads to a lot of potential energy being released in whichever direction the price breaks.
-------------------------------------------------------------
***Upside target is 60% for 1% risk. Long Entry Point: $40,200 Possible Exit: $50,000-60,000***
***Downside target is 10-23% with 1% risk THEN an upside target of 75-100% for 2% risk after it bounces. Short Entry Point: $33,000, then Long Entry Point where indicators indicate. ***
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"You didn't come here to make a choice, you've already made it. You're here to try to understand why you made it."
―The Oracle
―The Oracle