BTC sluggish start to Q4

Looks like we are in the beginning of another descending triangle. Another rejection off the down sloping trend line will confirm this. Our next line of support will be the 50 EMA on the daily. If that breaks, there is no reason for the last gap to be filled and the price to steady and accumulate in this region above the 200d ay EMA.

Look for money to flow into alts during this scenario.

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Encyclopedia of Chart Patterns by Thomas Bulkowski

Area Gap:
Occurs in areas of congestion (trendless markets) and closes rapidly. or pattern Volume on the day of the gap may be high but returns to normal in a day or two. No new highs (uptrends) or lows (in downtrends) occur after the gap. A distinctive curl as the gap closes is a key indication of this gap type.

Breakaway Gap:
Identifies the start of a new trend and usually occurs after breakout from a consolidation region. Is accompanied by high volume on the day of the gap, which continues for several days. The trend continues long enough for several new highs (for uptrends) or new lows (downtrends) to occur after the gap.

Continuation Gap:
Happens in the midst of a straight-line advance or decline. Prices measuring or continue making new highs or lows without filling the gap. runaway Volume is usually high, propelling prices in the direction of the trend.

Exhaustion Gap:
Occurs at the end of a trend on high volume. The gap is not followed by new highs or lows and the gap itself may be unusually wide. After the gap, prices enter a consolidation region or reverse. Commonly occurs after a continuation gap. The gap closes quickly, usually within a week.

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Statistics for Breakaway Gaps

Average time to close the gap. The average time for the gap to close
varies from about 2 months (61 days, bear market, up breakout) to nearly 6
months (168 days, bull market, down breakout).

Percentage closed. Breakaway gaps do not close quickly. Even after a year, some gaps remain open