But I am a researcher and analytics professional outside of finance, and I see some consistent patterns in the data which you will be able to see as well. Those patterns have been fairly consistent since 20 February 2018 as the BITFINEX:BTCUSD price has been falling. It may be that BITFINEX:BTCUSD has reached the bottom because it appears these consistent repeating patterns were finally broken.
Conclusion: This is one of those times when the price becomes unpredictable.
Upside: This could be when the growth trends seen in 2017 resume.
Downside: I'm watching for a dip below $6,000 that holds before I am concerned about further declines. For the most part, the bears seem to struggle to keep the price below $7,000, but if BITFINEX:BTCUSD holds for a few days below $6,000 I believe the data suggests further declines will continue.
About Me: Although I am not a price charting expert, I am a professional researcher and I follow blockchain and crypto price, culture, and news trends and write articles on my observations to share what I am learning.
holy shit nice call - I like your approach. Might try to emulate it; does it have a name?
cI8DH
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Good job! Keep up the updates. I am following you. BTC is drawing much lower highs than higher lows. We might be in a running triangle, which has happened many times since ATH, and it is a continuation pattern. We may be in a symmetrical triangle as well which is quite rare but a possibility. This one is a reversal pattern.
VeteranCoin
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@hkh222, thanks for the feedback and for sharing your ideas. So it looks like you agree that we are at a possible pivot point. It also looks like you agree that if it gets to $6,000 it doesn't stay below that line for long.
cI8DH
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@VeteranCoin, I do agree. The problem is that neither side have enough momentum. If we go down at this speed, we may never come back up. With margin trading, it is possible to short this market to death.
BitcoinCensus
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@hkh222, I appreciate the kind words. Thanks! We have all seen evidence of cash on the sidelines when a deep dip is followed by movement upwards. For example, 1/17/2018 and 2/6/2018. I thin the market is ready to rally and I've been waiting to see a trend that shows something has changed.
cI8DH
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@BitcoinCensus, the problem is that the market is correcting itself on the way down. Feb dip from 12k to 6k took only a week with relatively minor corrections. This time it too a month from 11.7k to 6.4k. With huge corrections along the way.