Back to back descending triangles forming on BTC?

27 déc. 2020On the thirty minute chart, Bitcoin is currently in a small descending triangle. The downside target on that is about 25,000. The problem is that once reaching that target, we're still in a larger descending triangle. The downside target on that one is more like 21-22,000 and would constitute a 25% dump. If we form a descending wedge in the process, the upside target will be small and volatility will likely take a nap in the wake of our deadcat bounce. This seems fairly plausible. We'll find out very soon how much weight to put on this.

28 déc. 2020

Ordre annulé

Due to the late nature of the breakout, the target number was halved which is to be expected. We've ended up in a symmetrical triangle that will probably experience an equally weak breakout to either 28.4k or 25.3k.