It would make for a perfect cup and handle set up on the 4h chart. The round bottom is already there, this idea would support the creation of the handle, then away we go!
@botje11, Well would you look at that! Now I'm looking for a bullish break out of the symmetrical triangle that is forming for a very conservative confirmation haha. We could very well have just found the bottom of the bear market. Excellent short call mate!
JayJawsChen
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Why did you think this wedge would break down? Is it just because it follows bitcoin and you knew bitcoin needed a small correction?
botje11
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@JayJawsChen, A combination of factors. We made a very big rally, so a small correction was nothing more than normal. It could break upwards if FOMO was extreme like half year ago
lumpytrader
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Nice call, @botje11! It looks like the wedge broke down and rejected a retest. As with many other alts, margin longs currently outnumber shorts by a significant margin on Bitfinex (3:1 for NEO).
botje11
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@goldengreenberg, Yes, most alts made very big jumps, so time for a small correction at least