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RE: TEXTBOOK Symmetrical Triangle On BTCUSD!
Yeah, staring at this triangle for some time now. Crypto's amazed me more than once so I can't be sure how it'll play out, but I agree with You, it seems very clear that price should go down now.
But... if we assume BTC is following big bull flag type of correction, look at how incredibly similar are wave B and ongoing D. I marked sections to compare. The big triangle in wave B broke up - yes, it was different, looks like ABC, but still, the similarity is uncanny.
I think, after all, this bull flag could play out. I guess we'll see quite soon. A lot depends on the direction of incoming break out.
I'd appreciate if You share Your view on this.
Still to early to rule out a bull trap, Can you see an ascending channel formed? Usually these channels result in a decent pull back. If the current candle hits 11,610 then pulls back there within a right triangle is formed.
Have pulled out 20% into cash in the hope it will fall to at least $9,000, If not I'm still holding 80%, either way HODL
Thx for Your reply. Sure, we can't rule out bull trap yet, but we're staying above the line for some time now. Looks like price will pull back a bit, but my bet is it'll rest on top of triangle and pounce decisively up.
I still think we'll end up pulling back to 7500-8500, maybe even a bit lower, but first we'll see approx 14500-15000. The big bull flag pattern in my chart forms in a very neat way. If it completes, it would be a perfect and healthy base for continuation of growth.
As for ascending channel - this correction started around half of December. We've seen quite a few ascending right channels since then. Most of them were followed by pullback, but most of them weren't deep. I personally don't treat this formation as a good indicator in crypto. I see it breaking up too often.
And ofc :-) First and foremost - HODL ;-) Personally I'm not in BTC, but since alts move most of the time in direct correlation to old papa Bitcoin, I'm very interested in its moves. We'll see how to goes - hoping for the best!
Well said szmyra, look at the 2 hour chart for the ascending channel from Jan 25, 3 days ago?
I know it is a relatively short time and most likely will take a small drop to say 10,500?
This remains within a small right bullish triangle and could shoot up any moment. current channel remains valid.
Not that easy since JPM and the central banks have gotten involved..
Good Luck