I know there's a lot of talk about a big bullish breakout lately, but if my eyes aren't deceiving me, does this not look like a descending triangle formation? It sure doesn't look like a bullish pattern to me. More times than not, these break out to the down side. Even with the explosive rampage that took place days ago, I'm still not entirely convinced that we've reversed trend. I'm open to the idea of a reversal, but this certainly looks like a drop is about to happen at least on the micro level. Your guess is better than mine about how much of a drop it will be, but I won't be surprised if this one takes a little dive when it's done.
It could be a fake drop followed by a major movement to the up side, so I'm not going to go far as to say the bearish trend will absolutely continue if we see a small drop. The opinions on whether or not we have cleared the bear market are still split right down the middle from the prognosticators that I consider to be credible. So that leaves me in middle without the ability to make an educated guess on the turn of the market. It's November now, and we could enter a bull market at any time within the next three months.
Let's enjoy watching this play out!
Carlton Flowers
The CryptoPro
It could be a fake drop followed by a major movement to the up side, so I'm not going to go far as to say the bearish trend will absolutely continue if we see a small drop. The opinions on whether or not we have cleared the bear market are still split right down the middle from the prognosticators that I consider to be credible. So that leaves me in middle without the ability to make an educated guess on the turn of the market. It's November now, and we could enter a bull market at any time within the next three months.
Let's enjoy watching this play out!
Carlton Flowers
The CryptoPro