BTC is both a downward sideways channel (denoted by the red parallel lines) and yet inside another descending triangle.
The current "Bounce" everyone is talking about is nothing more than part of a market wave pattern.
The good news that after the wave completes, it should be followed by an uptrend, and possibly a strong one.
This is isn't going to happen in hours or even days, it will take whatever time it needs to take to complete the cycle and the new cycle to begin.
So far it has followed the market cycle almost to the letter, how far will it go, we have to wait and see.
Keep an eye on the fundamentals, they could play a major part on deciding how quickly the patterns developed - example www.coindesk.com/rep...exchange-regulation/
The current "Bounce" everyone is talking about is nothing more than part of a market wave pattern.
The good news that after the wave completes, it should be followed by an uptrend, and possibly a strong one.
This is isn't going to happen in hours or even days, it will take whatever time it needs to take to complete the cycle and the new cycle to begin.
So far it has followed the market cycle almost to the letter, how far will it go, we have to wait and see.
Keep an eye on the fundamentals, they could play a major part on deciding how quickly the patterns developed - example www.coindesk.com/rep...exchange-regulation/
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Possible scenario 2 - A corrective wave A,B,C (5,3,5) structure - followed by a 5,3,5,3,5 impulse wave in which the bull run continues.
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Second scenario -
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BTC continues to retrace at the exact point mentioned in the chart and continues to be bearish on the daily, 4 hour and hourly timeframe (MACD indicator).
BTC is trapped inside the descending triangle and well on it's way to the 8585 USD mark, a few hundreds dollars short of the original target of 7807 USD.
Here are some statistics for the descending triangle:
Bull Market Bear Market
Performance rank 14 out of 23 6 out of 19
Break-even failure rate 9% 7%
Average rise 35% 27%
Change after trend ends –32% –37%
Volume trend Downward Downward
A couple of things that we should take into consideration is how much of the descending triangle will complete and what happens next?
how much of the descending triangle will be completed? 80 to 90 per cent, determines how low the price will dip.
what happens next? - Basically it could go both ways, if it continues on a bearish trend, expect a huge drop to around 5500 which is the next support level or even lower.
The good news is that even thought it looks bearish the overall trend is bullish and this could be an expected correction (part of the wave pattern) and not a reversal, in which case BTC will bounce strongly and retest the previous all time high.
BTC is trapped inside the descending triangle and well on it's way to the 8585 USD mark, a few hundreds dollars short of the original target of 7807 USD.
Here are some statistics for the descending triangle:
Bull Market Bear Market
Performance rank 14 out of 23 6 out of 19
Break-even failure rate 9% 7%
Average rise 35% 27%
Change after trend ends –32% –37%
Volume trend Downward Downward
A couple of things that we should take into consideration is how much of the descending triangle will complete and what happens next?
how much of the descending triangle will be completed? 80 to 90 per cent, determines how low the price will dip.
what happens next? - Basically it could go both ways, if it continues on a bearish trend, expect a huge drop to around 5500 which is the next support level or even lower.
The good news is that even thought it looks bearish the overall trend is bullish and this could be an expected correction (part of the wave pattern) and not a reversal, in which case BTC will bounce strongly and retest the previous all time high.
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BTC has found support at 11.3K, breaking out of the both the smaller triangles, (minor breaks) - I think in the upcoming days we should see BTC attempt to make a break towardsthe 13K mark.
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Target reached - 7843 USD - just a few dollars short of the original target