In 2018 there was an accuracy within 0.25% ($16) of the measured breakdown of the descending triangle . The calculation equaled $3,145 (-48.2%) with the low arriving at $3,129. Based on the 2019 Daily descending triangle , the measured move of -32% takes the price to $6,410, give or take $16. If this Daily triangle is breached to the upside I will calculate the Weekly descending triangle , that has a reduced measured move.
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Correction: I'll calculate the Daily descending triangle if the weekly is breached ;-)
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If Bitcoin Repeats History?
Part 1: Descending Triangle Looking Similar To 2018
Part 3: A repeat of 2014? Worst Case Scenario A $2,500 Low
(The above is Part 2)
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Part 4: If Bitcoin Repeats History? Extrapolating 2012 Breakdown
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Part 5: If 2017 Descending Triangle Repeats? Best Case Scenario
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Right on schedule down to $8160, post bakkt launch.
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Part 6: If Bitcoin Repeats History? Monthly TD Sequential Red 1
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Part 7: Another Bearish Indicator: 200 EMA & MA Bearcross
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Part 8: Bitcoin's Full Moon Reversal 6 Month Pattern
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Part 9: TD Sequential 9 Next Week To Decide Direction?
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Part 10: Extrapolating the 50 & 200 Day MA bear crosses
Trading ditutup: target tercapai
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It's taken more than two months, but the original bearish target looks complete, at least by a margin or error of $116 (1% approximately).
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Just noticed we came within $20 of the measured target, that will also do to complete this pattern.
Well, 6400-6500 USD seems to be a comfortable price for institutional players to get in the game. No uptrend continuation until they are loaded.
airbraun
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@airbraun, however, I highly doubt any further price decreasing after we reach 6k level.
ABG1968
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@airbraun, Institutional players don't care really for BTC, when they will get in with one of their own( and they work on it as we speak) then the game will change and BTC will be either assimilate ( resistance is futile) or will be part of the large pool of serious crypto ( i doubt that they will really alow it, what they can't control they don't like)
dragononcrypto
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@airbraun, My thoughts exactly. There will be buyers at these levels for sure, just as there are sellers right now at 5 figures.
brsrkrt
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I can show thousands of descending triangles in btcusd which does not fit to this formation, you should be crazy ...
@dragononcrypto, this triangle respect the Gann 1/1 unit/ price , unless I'm blind i can't see the thousand you imply or let's be serious i cant see 5 on Day chart