First public post. Noticed continual, repeating triangle patterns lately when doing private analysis for myself. Not fully clear where it will go but if I had to pick a direction short term I'd say a short term spike before it goes down more or settles into another triangle pattern. As you can see it has typically broken out after being pinched into the Descending Triangle Pattern. Many more triangles could be drawn in this area with approx. support levels and downtrend lines. All have at least a temporary spike when they break the triangle even if they headed down afterwards. Although, the rise would be tiny. Leaving this here to recall and asses my TA.
Maybe I'm reading too much into though and my eyes are seeing things that aren't there. We'll see.
Maybe I'm reading too much into though and my eyes are seeing things that aren't there. We'll see.
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When it broke the .5 fib / support line largely (Feb 1, 1 AM PST) was right when BTC started it's plunge to 8K.
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So far playing out as predicted. Small bounce out then down. Almost identical to the last small triangle above the .68 fib line.
Did not exactly bounce on the support line but close. Very similar again to last break below that line. Heavy downward action by BTC is causing turmoil in the markets and thus things don't always line up.
Starting to bouncing back to around .5 support / resistance fib level (a less used level I know, but seems close to support this time).
Wait to see what the market does next. No further predictions at this time. Just playing
Did not exactly bounce on the support line but close. Very similar again to last break below that line. Heavy downward action by BTC is causing turmoil in the markets and thus things don't always line up.
Starting to bouncing back to around .5 support / resistance fib level (a less used level I know, but seems close to support this time).
Wait to see what the market does next. No further predictions at this time. Just playing