Hey what's up y'all its Bitforthepeople here. Btc has been in a descending triangle making consistent lower highs ever since we had made a recovery run to 13.8k in late June. By definition "The descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern. There are instances when descending triangles form as reversal...
Like a wearying prizefighter, BTC is doggedly remaining in the ring despite appearances of fading energy. Bitcoin, along with the rest of the cryptocurrency market, is currently amidst an unmitigated period of indecision. Then again, you cant really complain about $10K BTC. Especially when global buyers have repeatedly stood their ground to...
In my Technical Analysis today I am using the Bull-Pennant pattern,
where I take the Pole of the Bullish-Pennant and extend it from the Bull-Pennant swing low.
This gives us the potential target once the Bull-Pennant breaks and plays out!!!
Additionally Using the Fibonacci Extension Tool, it gives us the same target at 20k.
This is our ATH we met...
Everybody in crypto is currently aware of this triangle. I personally fell into it and played it poorly. I wont deny. Earlier in this pattern i was euphoric and didn't take advantage of the volatility, to the downside. I did buy some dips, but the money was in selling. It usually is, when the triangles surge. Next one i will play better.
For now it is hard to...
BTC will be consolidating within the ranges of 9.7k-11.7k for the following months before we foresee a breakout to the upside.
This is an analysis according to elliot wave . If price action differs from the expected pattern, an alternative shall be considered and updated.