Bitcoin (BTCUSD); The Only Pattern That Matters Right Now...
With price having chopped around sideways for the last month giving no clues as to the future direction, the only pattern I am paying attention to right now is the declining triangle that has been forming since the February low and the reaction high later the same month. Whilst the descending triangle pattern is typically described as a bearish pattern, price, as is true of any pattern, can resolve in any direction. One thing that is likely though from the length of the pattern and the fact price continues to coil tightly, any directional move after a break is likely to be a strong one.
If it breaks to the downside with a close below 5,755, the target is ~3k. If it can break above the upper boundary of the declining trend line, I see resistance at the 11,500 level. Higher targets can't be considered unless price moves above the resistance zone, the top of which is around the 13,000 level.
@technicaltrader, I gave you a vote!
If you follow me, I will also follow you in return!
Hey @technicaltrader nice to see another trader on steemit, keep up the posts.
Btc broke that level you mentioned, 5,755 but what close are you looking at, the daily?
I personally don`t see us going to 3K, at least not in a big move, it could well happen as a slow grind over a long period but we have already been in a bear market for most of the year so again not sure the markets would stay bear that long to see us hit 3K. Time will tell. :-)
Hey! Thanks, just started on here, feel like it could be a good platform. 3k is the measurement target if the breakdown occurs. Given how long it's been bouncing off support I think it could go there quickly if it breaks. 5,755 is the August low which was also the head in an inverse h&S and its been the low of the consolidation so that's my line in the sand. Yeah i'd be looking for a close on the daily, an hourly close wouldn't be relevant in a pattern that's developed over this sort of time frame.
Could still go either way, I wouldn't rule anything out!!
Yeah, welcome to Steemit, it`s a cool place. A good tip is to join some discord servers to interact with other steemians, it seems to make joining in easier.
Also try linking out your images (like below) so they can be viewed in a larger format.
I added the code to this chart so you can copy it just in case you need it:
awesome! Makes it easier for ppl to view rather than opening in a new tab. Any discord servers you'd recommend to check out?
For crypto not really.
This server is tech related: https://discord.gg/qFRnnm. They are called utopian.io and can be found here on steemit: https://steemit.com/@utopian-io.
They might not be what you`re looking for but they sure do have their finger on the pulse and are a great source of info for steemit, etc.
Good luck.
appreciate your help, good of you!
Can't get this link to work. Perhaps I'm not embedding the links correctly. Ever had any problems? Saying the images aren't saving correctly