Bitcoin - A Telling Confluence
Our recent point of major confluence validates, for me, two major patterns Bitcoin is exhibiting right now.
We seem to be in a bearish descending triangle, which is due to terminate around 16 September. Third touches of trendiness can often be false breakouts, so be careful for a bull trap.
We can say with even more confidence, however, that we are currently within a longer bullish falling wedge. This pattern is due to terminate around 6 February 2019.
A close with continuation over $8,525 signals the beginning of a bull market; a close with continuation over $10,084 confirms it.
Bitcoin should not drop below $4,075, and I'd be very surprised if it got that low.
We seem to be in a bearish descending triangle, which is due to terminate around 16 September. Third touches of trendiness can often be false breakouts, so be careful for a bull trap.
We can say with even more confidence, however, that we are currently within a longer bullish falling wedge. This pattern is due to terminate around 6 February 2019.
A close with continuation over $8,525 signals the beginning of a bull market; a close with continuation over $10,084 confirms it.
Bitcoin should not drop below $4,075, and I'd be very surprised if it got that low.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.