Bitcoin in a triangle - Watch it closely

[Denker]

While these technical analysis are always nice to see, I wonder what the real benefit is by doing this. It is not a way to predict the market, because as the OP has stated in his post, we will or go down to +/- 7k or go up again depending on the market.

Believe it or not, but technical analysis works. Why? Because many traders use it and therefore it's kind of a self fulfilling prophecy.
It's no woodoo or magic. Just a few thousand people recognizing the same patterns, and that's why it works.
TA works best on high liquidity top 20 coins imo.
The lower you look at the list on coinmarketcap, the more of a gamble TA becomes.

[TomCrypto]

Believe it or not, but technical analysis works. Why? Because many traders use it and therefore it's kind of a self fulfilling prophecy.
It's no woodoo or magic. Just a few thousand people recognizing the same patterns, and that's why it works.
TA works best on high liquidity top 20 coins imo.
The lower you look at the list on coinmarketcap, the more of a gamble TA becomes.

Indeed, TA works far better on Top 20 coins. On lower coins, users having an important portion of the coin are able to manipulate market and it can completly destroy any TA.


Indeed it's hard to predict the market but the analysis I proposed at the beginning of my post can give you some information for your trade.
For example if the triangle breaks downward, it may be a good time to short or to sell your position.
If it breaks upward, to buy or to long bitcoin could be a good strategy.
You could also tries to trade inside the triangle. By adding RSI and MACD you could for example buy at the bottom of the triangle and sell at the top but this is riskier because it could broke down or up.

TA works and can be of great help. But like every tools in trading, nothing is perfect.

[Thirdspace]

The technical analysis is not necessary in cryptos, someone with money can by pass the price analysis, so technical side of chart is useless.

I beg to differ, in crypto world where there are so many FUDs, scams, and etc...
the one we can use is "trusted" data: historical price charts, trade volumes and trends

While these technical analysis are always nice to see, I wonder what the real benefit is by doing this. It is not a way to predict the market, because as the OP has stated in his post, we will or go down to +/- 7k or go up again depending on the market.

He did make prediction. watch the market, he said it will steadily go up with support around $7k
it means buying at $7k was a good buy and it stilll will if we ever go down again and support hold makes it bounce
you can place sell order at slightly below $9k to get some profit

and if it breaks $7k then it has a chance to go below... down to the next bottom (support) $6k
so place your buy order around $6k to catch the opportunity if it is really happening
when and how much each of us sell or buy will form the charts and trends,
you react accordingly to whatever movements in the next 2-3 weeks

[GoldenLad]

Nice observation OP. I am noticing this art now though I use to look at the chart but it never occur to me. Well, it's not on our night or power to make the price of bitcoin to reset falling below the purple. Sometimes, we might not even do anything and the price of BTC goes either  up or down. Lets hope that more people will invest in bitcoin, then we might see a growth in the price.

[fanbeila]

Indeed you can create a lot of triangle indeed But you have to find the lines that pass through several top/bottom to have an effeicient triangle.
I used this triangle since february on tradingview and it was perfect to predict the top of march 05 and the dip of 18 march.
But Technical Analysis is not always perfect ;p It's just a part of the trading process with fondamental analysis and market sentiment.

Yes only technical analysis wouldn't help fully to predict the market.A lot of outward factors do have more influence over bitcoin price.Infact FUDs play a vital role in deciding the market fate.

[Xardasim]

The technical analysis is not necessary in cryptos, someone with money can by pass the price analysis, so technical side of chart is useless. I checked your analiysis but there are gaps that did't included. To me, don't be tired. If you are good at technical analysis, you should be busy with Forex.

Can you enlighten as what gaps are you talking about in his technical analysis? It's funny how people think that only money can drive prices up and down in the cryptocurrency market where TA existed on price charts since it was first introduce. TA also involves psychology as it is the one who translates how the market will go by understanding different human actions, and that includes how the money is flowing in and out of Bitcoin. And Yes  even guys with Big money can be detected via Technical Analysis.

If I apply your thinking to Forex the same can be said to it too, any guy who has "money" can make the technical side of the chart useless, so why do technical analysis in the first place? When you can be poor and a noob forever?

First of all, go to school learn basics of technical analysis and come back when you feel ready. Gaps not only happen between Friday and Monday, there are situations like slippage on orderbook that creates gaps on charts. Big guys don't come to post on this form and care about your opinion form. Let's consider the fact you are not big guy with 1000 Bitcoin and any amount of Bitcoin can by pass any tecnical analyse, if you know what i'm talking about.

[Xardasim]

The technical analysis is not necessary in cryptos, someone with money can by pass the price analysis, so technical side of chart is useless. I checked your analiysis but there are gaps that did't included. To me, don't be tired. If you are good at technical analysis, you should be busy with Forex.

Can you enlighten as what gaps are you talking about in his technical analysis? It's funny how people think that only money can drive prices up and down in the cryptocurrency market where TA existed on price charts since it was first introduce. TA also involves psychology as it is the one who translates how the market will go by understanding different human actions, and that includes how the money is flowing in and out of Bitcoin. And Yes  even guys with Big money can be detected via Technical Analysis.

If I apply your thinking to Forex the same can be said to it too, any guy who has "money" can make the technical side of the chart useless, so why do technical analysis in the first place? When you can be poor and a noob forever?

First of all, go to school learn basics of technical analysis and come back when you feel ready. Gaps not only happen between Friday and Monday, there are situations like slippage on orderbook that creates gaps on charts. Big guys don't come to post on this form and care about your opinion form. Let's consider the fact you are not big guy with 1000 Bitcoin and any amount of Bitcoin can by pass any tecnical analyse, if you know what i'm talking about.

If you pay attention to my post, all that mentioned opinions is about cryptocurrencies. Let's imagine you recognize any coin that value goes down and invest. Later i gone to sell 100 Bitcoin worth coin on market and the price go to make dip of dip.

Regarding Forex, trillion USD worth daily volume turns and you need money as much as Rockfeller in order to make pump-dump. Things doesn't work in cryptos like in Forex. 

[jakagintiri]

Despite all the Bad/Good/Fake News Bitcoin is still in this triangle where the bottom purple line started one year ago in march 2017 (touched 4 times since) and the top red line started in December (touched 3 times since)



Two days ago, BTC hit the 8.85k coupled with the 9k level who acted like a strong resistance.

For now on, BTC could go retest the bottom of the triangle by touching the purple line.
If the purple line is broken we will have a great chance to go to the next support : 7k and then 5.9-6k.

But if we bounce we will go back to try to break the 8.85-9k resistance. If BTC manage to test this resistance we will witness a test of the next resistance at 10k (round number resistance) near the top of the triangle.
If it broke up we will go to the next fib resistance around 11k

This triangle will play out in the next 3 weeks, so i advised you to watch it closely and to put our order accordingly.

I really like what others do when making this analysis that can actually be useful to someone, expecting more bitcoin to go higher and people prefer it with real bitcoin action.

[BillyBobZorton]

We need to stay above $8700 which is where the middle of the triangle is, below that is danger zone, and below the resistance line is panic mode, I think we'll see a lot of people unloading once again and the bear market will continue, which is where the smart money will start looking forward to racking tons of coins.

Wall Street is watching and they want Bitcoin back to $1800 so they can be a major holder, and im sure there are many noobs willing to give them their coins before we go $100,000+ in the next few years.

[pitiflin]

You'd also see that the price of bitcoin last year at this time was being crashed /bitcoin was in a bear market at that moment. But soon after April, prices started to rise and it rose for a long period of time. There's a lot of crazy speculation out there on this. The price of bitcoin is less likely to crash more worse than what it is right now. So I'd just say that hold your beer and get your shit together, and you'd be good to go.

[minersday]

For me, it will keep going up during the next hours until it touches $9300 at last.. but i do not think that it will go higher than that.

And if it starts to go down, it will be probably be touching $6500, or maybe less, but no one knows what the hell is really gonna happen with it.

[TomCrypto]

We are currently testing the bottom of the triangle.
Next Hours/day are crucial!

Watch it if it break the purple line and confirmed it on the close of the daily bar below the line!

[ajochems]

The bitcoin price is fluctuates often and it seems like a triangle. It's good analysis and it will help to the traders .We have to use the fluctuations to buy and sell bitcoin in trading.Now the price is start to fluctuate to lower value, you may consider this to buy some bitcoin. Suppose you have any bitcoin, just hold it to avoid the loss at dip.

[TomCrypto]

Two days ago we broke  the triangle and confirmated with the daily candle. I hope you took your trade accordingly

We experienced then a drop from 8k to 7,4k where stand the next support between 7.5k - 7.0k.
We will now see if this support hold or not. If it doesn't hold we may go to the next strong support around 6k.
If the current support hold, we may try to renter the triangle, but it will be hard and may take a good news on cryptoworld to do it!

Good luck

[komjhq]

The bitcoin price is fluctuates often and it seems like a triangle. It's good analysis and it will help to the traders .We have to use the fluctuations to buy and sell bitcoin in trading.Now the price is start to fluctuate to lower value, you may consider this to buy some bitcoin. Suppose you have any bitcoin, just hold it to avoid the loss at dip.

this is practically the same words throughout the entire activity of each user with a crypto currency. No one wants to sell at a cheap price and everyone is trying to keep Bitcoin in their wallets, waiting for better prospects in the future. But will these prospects be better, no one can give a guarantee.

[TomCrypto]

After breaking the previous triangle, bitcoin felt from 7,8k to 6,4k


We can now see the formation of a descending channel (two black lines) in which BTC is stucked for the moment.
I have also added to my chart the complete triangle between the green and red lines.
If BTC stays in this black channel, we will go to the next FIB support at 6k and to the bottom of the triangle (green line).
If we break the channel upward BTC may try to go to the upper part of the triangle.

Therefore watch this channel as well as this triangle to place our order accordingly.
Good luck

[bambazamba]

Thanks for putting up with such information . It is quite a relief to know that bitcoin follows the same pattern through out the year nd at the end it is expected and apparently supposed to rise and give some positivist price values . But the  concern is the longevity of the period that would be be for bitcoin because if the period ifs long there will be more time taken to rise again.

[TomCrypto]

BTC is still inside the descending channel between the two black lines.

Yesterday it touched the top of the channel but didn't break the resistance and therefore BTC price felt below 7k again.
We have to keep watching this descending channel and the target remains the same :

• If BTC stays in this black channel, we will go to the next FIB support at 6k and to the bottom of the triangle (green line).
  
• If we break the channel upward BTC may try to go to the upper part of the triangle

[Thirdspace]

We have to keep watching this descending channel and the target remains the same :

• If BTC stays in this black channel, we will go to the next FIB support at 6k and to the bottom of the triangle (green line).
  
• If we break the channel upward BTC may try to go to the upper part of the triangle

what I am seeing is that the next checkpoint is around ~$5900 price level
and if we can't break (to bounce back) that level then we are going down to $5k or worse $4k?
am I right? or I'm reading those lines and triangles incorrectly

[TomCrypto]

what I am seeing is that the next checkpoint is around ~$5900 price level
and if we can't break (to bounce back) that level then we are going down to $5k or worse $4k?
am I right? or I'm reading those lines and triangles incorrectly

You are reading the charts correctly
If BTC doesn't break this channel upward, the next strong support is around 5.9k-6k. But the support doesn't hold we are ready to go to 4.7k-5k.
If we break the channel upward, BTC will have a lot of resistance to overcome (7.4k then 7.9k but also the red line)