Today, I would like to show you the chart from a bigger picture.
On the 4hr chart, you can see there are some similarities between the end of March and now. if you look at how I draw the different blocks as well as the duration it took to form the two sets, they just look so similar to me.
From the daily chart below, the pattern in Jan looks so similar to the one in April. And if you look closer, both of the blocks have been holding at the 0.886 fib retrace level for around 13 days.
So, If fractals play out nicely (I am not saying it definitely will), I would expect a break down of the current bear flag formation. And if it does, the break down would be destructive.
Please watch the price action closely.
Don't forget to give it a "Like" :)
Taiwan Bear
****************************************************************************************** Please note this post is provided for informational purpose only. It is not a financial advice to buy/sell.
Some tips for you: - Set up an entry/exit strategy for every trade, with the ideal risk/reward ratio (2+) - Understand that every trade carries a risk, and don’t expect you can make profits from every trade
تعليق
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Daily chart:
تعليق
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BTC is getting closer and closer to the apex of the triangle (consolidation phase). A breakout is imminent in the next 36 hours.
Agree. I’m more bearish than you. Spotted inverted cup and handle and fractals.
UnknownUnicorn1780802
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Bear suits your name well. I wonder if TV will let you modify your name to Taiwan_Bull later.
Taiwan_Bear
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@lvg3g, Maybe I will open a new account called Taiwan_bull and I'll switch between the two lol
AesopsHare
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@Taiwan_Bear, perhaps you'll need to bag 'Taiwan crab' as well for any sideways action. :)
CivilisedWolf
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The point alot of you are not taking into account is that short contracts are at an all time high. The mass is bearish. What if this market is out of sellers and the price goes sideways too long or moves up? Classic massive shorting squeeze is likely to happen.
Taiwan_Bear
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@VincentBoudewijn, that's why i didn't say it will definitely break out the triangle to the downside. Although I am still very bearish.
cI8DH
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@Taiwan_Bear You will like this idea. I copped the exact same fractal you are referring in the daily chart. It is working so so. I think the current triangle, although have similarity, is kind of different as well. In fact this current is the most unique of the previous triangles formed before the final phase of each fractal.
cI8DH
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@hkh222, In addition, we are in the strongest support zone of BTC since its ATH. This purple line in the chart is the ascending line that started in 18 March 2013. It was an important line since then.
Tubeman
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Here's what seems to me, very powerful force(s) (AKA cartel, if you like) are, or is, behind this, otherwise meaningless, huge pump. They are just going up to the surface, get some fresh air so they can dive deeper.