TL:DR - Likely in a Symmetrical Triangle with good probability of bull run in 1 month, but WAIT for confirmation.
Update to the mid-term picture of Bitcoin with daily candles and log scale pricing. This chart looks at a new possibility for Bitcoin: The Symmetrical Triangle formation. In a symmetrical triangle neither trendline is flat, but rather both slant toward each other. This formation is generally a consolidation and continuation pattern. This means it is most likely to be followed by a resumption of the prior trend, in this case, a bull market.
What gives this formation more credence is the time frame: The longer the time frame, the more powerful the signal.
Unfortunately, not all symmetrical triangles result in a trend resumption so I have drawn two possibilities: (1) we bounce off the lower trendline around $6800 and then skyrocket to $10k+ (2) we crash through $6800 down toward $5000.
If you read my previous write up on BTC I discussed the possibility of a Triple Bottom formation with previous bottoms on 2/6 and 4/6 and price target of a 3rd bottom around $6800. I also said this pattern would likely take a month to form. I now believe we are seeing a Symmetrical Triangle but either way, it's likely a bullish signal and I still believe $6800 will be paramount to hold.
For those of you in despair that we are heading down, I encourage you to listen to this interview with billionaire Mike Novogratz. If you don't have time, the summary is: HODL and be rewarded in 6-9 months.
***This is not investing advice. I am not an investing professional. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
Update to the mid-term picture of Bitcoin with daily candles and log scale pricing. This chart looks at a new possibility for Bitcoin: The Symmetrical Triangle formation. In a symmetrical triangle neither trendline is flat, but rather both slant toward each other. This formation is generally a consolidation and continuation pattern. This means it is most likely to be followed by a resumption of the prior trend, in this case, a bull market.
What gives this formation more credence is the time frame: The longer the time frame, the more powerful the signal.
Unfortunately, not all symmetrical triangles result in a trend resumption so I have drawn two possibilities: (1) we bounce off the lower trendline around $6800 and then skyrocket to $10k+ (2) we crash through $6800 down toward $5000.
If you read my previous write up on BTC I discussed the possibility of a Triple Bottom formation with previous bottoms on 2/6 and 4/6 and price target of a 3rd bottom around $6800. I also said this pattern would likely take a month to form. I now believe we are seeing a Symmetrical Triangle but either way, it's likely a bullish signal and I still believe $6800 will be paramount to hold.
For those of you in despair that we are heading down, I encourage you to listen to this interview with billionaire Mike Novogratz. If you don't have time, the summary is: HODL and be rewarded in 6-9 months.
***This is not investing advice. I am not an investing professional. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
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