BITCOIN: Symmetrical triangle

BITCOIN: Symmetrical triangle
December 13 20:14 2018

The way that the chart of BITCOIN has evolved is in the form of a Symmetrical Triangle which, usually indicates a sudden acceleration of the price…

The only problem is that, since it is not an ascending neither a descending triangle you have always 50/50% chances of  get a successful guess on which direction is going to break that pattern…

But here, I am following my count and, since a fifth wave is still pending of conclusion, my bet is that we are going DOWN…

And, sorry, yes… I have spent 20′ having dinner and this is what I found now:

… so, breakage of the triangle downwards…

Finally seems we are going to see something interesting here.

Resuming my post, the thing is that I see two possible short term scenarios, option A and B.

  • OPTION A: BITCOIN falling to our excepted grown around 2950 USD, then, possible rebound up, depending on the first “height” it reaches we could forecast either an A-B-C upwards or a more consistent uptrend (if it’s A-B-C the consequences are worst 🙁 )
  • OPTION B: Sudden rebound at 50% of the last fall and drop again lower than our previous ground… around 2000 USD will be our next consistent support… This option is also known as the “Dead Cat Rebound” and well informed crypto investors, i.e @pandorasbox , are forecasting this movement as the final capitulation  

Not clear what will happen but I am afraid that if we are not watching an increase of the trading volume in short time the option B would be more likely…

As usual, shorting can be a substantial movement now… anyway I am not recommending it if you don’t have the time and the patience to follow up continuously, unless you plan in advance your stop losses and entries…

Take care.

@toofasteddie


*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.


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toofasteddie
toofasteddie

Superconducting Engineer working for the development of the Fusion Energy, Dad, Crypto-Enthusiast and Runner addicted. I am in a "Continuous Learning Mode" as well I am always willing to share my knowledge about the fields and topics related with trading, Cryptocurrencies, Blockchain technologies and Sports, in particular Running and Athletics.

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