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RE: Bitcoin (BTC) Evening Update: Price is Sitting on Lower Bollinger Band & Upper Trend Line Support
Thanks for the update Haejin; I've been calmly expecting some turbulence around this support line for over a month as the IHS was apparent. This seems like healthy consolidation from weak hands -> people like you and other strong hands. Keep up the good work :)
Some potential patterns forming:
(Rare Reversal Pattern; Ascending 90 Triangle)
Bear Flag (Continuation of downtrend)
Isn't an ascending 90° triangle bearish as well? The daily chart looks openly bearish to me. The last uptrend through February looks like a finished B from a Zigzag.
This would mean we go up till max 10600 a last time and then down for wave 3 of C. I hope I am wrong though :D
Ascending 90°'s are generally continuation patterns associated with up-trends; but in rare occasions form at the bottom of a downtrend in the form of a reversal.
It's definitely a time to be attentive to price action.
Cool info! Where do you start counting for the Ascending 90?
I figure you're referring to this formation:
If you're concerned about this ABC try counting subwaves.
No, I am concerned the long term correction is not through.
Also your wave 1 placement (subwaves of A) is erroneous because of the wick that goes much lower than your wave 4 (Invalidates your count)
Wave C should be longer (x2) of wave A which would put BTC below 0 USD. If that's your primary I'd be concerned as well :P
I never heard of this x2-rule before. Certainly ZigZags are usually stronger corrections than what I drew here. But the only rules I knew so far is that C has to close below A and B is never higher than 61.8% of A. But yeah the subwaves for A are wrong, I missed the thin line from 22/12.
Btw I hope you did not get my replies wrong. I don't want to "know it better", I am just eager to learn and understand this better.