BTCUSD: Could This Descending Triangle Be The Final Fake Out?
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Another day, another descending triangle. I first tried drawing this on the 4hr chart, but without being able to include the support touch-point of December 2nd, I've gone with the Daily chart in order to have a minimum of 3 touch-points on both support & resistance trends, with sufficient time in between. There is an interesting difference between this descending triangle and others in Bitcoin's history however.
Unlike most of Bitcoin's descending triangles that lead to lower swing lows, the measured move target for this particular triangle is approximately $75 higher than the swing low of around $6,526. I'm therefore remaining neutral while anticipating a final-ish flush out, as the measured move target of 8% could quickly develop into a double bottom or higher low bullish scenario.
Support: $7,186
Target: $6,600
Resistance: $7,400
Breakout: 16th-21st December (after 75% of the triangle has completed)
Trade it at your own risk.
Related TA:
Measuring The Move of the Descending Triangle Breakdown
Descending Triangle On 4hr Chart To Look Out For?
Extrapolating 2014 Correction - Could $6,500 Be The Low?
Miner Capitulation Is Here... Back Down To $3,800?
Bitcoin Repeating History: 10 Part TA Series On Repeating Past Patterns
Full series with recent updates: bitcointalk.org/index.php?topic=5188537
Unlike most of Bitcoin's descending triangles that lead to lower swing lows, the measured move target for this particular triangle is approximately $75 higher than the swing low of around $6,526. I'm therefore remaining neutral while anticipating a final-ish flush out, as the measured move target of 8% could quickly develop into a double bottom or higher low bullish scenario.
Support: $7,186
Target: $6,600
Resistance: $7,400
Breakout: 16th-21st December (after 75% of the triangle has completed)
Trade it at your own risk.
Related TA:
Measuring The Move of the Descending Triangle Breakdown
Descending Triangle On 4hr Chart To Look Out For?
Extrapolating 2014 Correction - Could $6,500 Be The Low?
Miner Capitulation Is Here... Back Down To $3,800?
Bitcoin Repeating History: 10 Part TA Series On Repeating Past Patterns
Full series with recent updates: bitcointalk.org/index.php?topic=5188537
Trade fermée: cible de profit atteinte
Target reached: $6,600. I'm aware the target on the 4hr chart is around $6,525, but this will do.Note
Pretty sure I remember saying this could be a fake out.Note
As anticipated, while breaking down to the target of $6,600, it was a bear trap. We are now finding resistance close to the apex of the descending triangle in the breakout zone, ie the downtrend resistance line around $7,250, as well as the horizontal support around $7,170.Note
We again got rejected by the median of the bear channel, as well as struggling to hold the 0.382 fib retracementNote
Wrong chart :P We are also right at the apex of the descending triangle, that not only confirmed with a breakdown, but also reached the measured move target on 4hr and Daily charts - therefore imo remains extremely relevant. Expecting a big move soon.
Trade fermée: cible de profit atteinte
The pattern is over, see here for continued relevant analysis:
Note
Currently stuck back between the 50 & 100 Week for reference sake. Neutral.
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