Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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Hi guys, I think we are now in the most decisive moment since BTC hit 20k. If you look at the three blue fractals, you can see that they have been terminated by this tiny triangle. This triangle, like most other ones that we have seen since ATH, can be a running triangle which is a continuation pattern, i.e. more down move. It can also be a symmetrical triangle, which signifies reversal. In the 1h time frame, I could spot one in Dec 2017. You can find more explanation in my previous idea.
Many of the bullish TA's indicate that a reversal may occur from this point onward. The below TA is an interesting one not viewed by many, which has a totally different approach.
If BTC falls from the cyan ascending line, the green line and 6k level might provide a temporary bounce. While inside the triangle, even scalping is risky.
FYI: you can zoom in the chart by dragging the timeline and scale line.
well, descending triangles are tricky... it is not necessarily a continuation pattern.. HM gartley writes in his book "profits in stock market" that its better to wait for breakouts and breakdown than assigning a prior character to a triangle pattern....
But on the bigger view, which is quite contrary to my idea, i appreciate your working thoughts ...
great analysis as usual
cI8DH
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@Sandipan.mch, thank you again. This analysis worked really good for me. Top TA's were assuming it as a "running triangle" but I did considered both running and symmetrical triangles.
I opened most of my positions at the breakout. I had also a bearish scenario as you can see in the chart (black price action overlay)
But on the bigger view, which is quite contrary to my idea, i appreciate your working thoughts ...
great analysis as usual