Descending Triangle or Falling Wedge?

[NRista94]

Sometimes, the best trade is no trade. Sitting on the sidelines while the market does what it does is perfectly fine.
Whether you're bullish or bearish, a chart can be made to fit your bias. Currently, I'm not making any moves in the market until I can see a more clear sense of direction.
Both charts show Bitcoin currently at a resistance level of the downward trendline. One is a Bearish Chart Pattern, the other is Bullish.

       

If the price drops lower, I will gladly buy more and If the price continues to rise outside of this channel and shows signs of strength, I will gladly jump on the train and ride it back up to all-time highs!
Even if I miss the exact bottom, that's perfectly fine!
I'd rather just catch the meat of the bull run than continuously trying to catch the exact bottom of the Bitcoin bounce. Once the tables turn there will be plenty of upsides to take advantage of!

Also, a suggestion for all traders, check out this free trading e-book from Eterbase, I found it quite refreshing and informative
https://www.eterbase.com/ebook/trading-guide

[butka]

It may swing either way, but I voted for a Bullish trend. That's what I think will happen, even though some other indicators, like Ichimoku, predict a short term bearish run on the daily chart.

On the other hand, I personally would like the price to stay at the current level because I'd like to accumulate more BTC before a new bullish run.

[wayancrypto]

We have to wait trendline breakout to confirm  bullish will started, Bitcoin already drop more than 70% and learn from the history the price since a few years , the price will be going up after this big crash. And also fundamental analysis will make the price of BTC bull run in the long term. In my prediction the price of BTC will be going up to $20K in the end of this year.

[Andrey123]

Bitcoin is useless to analyze.
All forecasts are correct only in the past.

[BitHodler]

Bitcoin is useless to analyze.
All forecasts are correct only in the past.

That's certainly true, but the only thing traders can do is to increase the odds of their trades being potentially profitable by analyzing the data that's presented to them in the here and now.

It's safe to say that while technical analysis isn't going to help you consistently during your trading journey, it's still much better than blindly opening and closing positions from where you solely depend on hope.

It grants you better odds to some degree, but that's directly it. The majority of the analysis I have seen pop up here from people thinking to know what they are talking about have been wrong 9 out of 10 times.

[eaglewhite80]

Most times it is always a good thing to confirm a break out before moving into a market unless you just want to play with the sideways movement which can be very risky depending on where the market tend towards. For me though, I believe things at this stage can always happen rapidly and before you know it, get to see the market doing some crazy moves in any of the directions, but it is better to be safe than sorry.

[exstasie]

Sometimes, the best trade is no trade. Sitting on the sidelines while the market does what it does is perfectly fine.
Whether you're bullish or bearish, a chart can be made to fit your bias. Currently, I'm not making any moves in the market until I can see a more clear sense of direction.

My thoughts exactly. I'm on the sidelines, with the exception of some small scalps here and there. The market is clearly coiling up for a big move. I don't like to take large positions while the market is sideways.

Bitcoin is useless to analyze.
All forecasts are correct only in the past.

Forecasts, yes. That doesn't mean TA is useless. Trading is about reacting to the market, not predicting it. TA tells me when to enter, exit, and stop loss.

[beerlover]

Certainly, this is one important point in the market where traders always wait on the sidelines and would prefer to trade the breakout, considering how fast the market tend to go downwards anyway in a short period of time that go upward and as long as we are still in that trend, we are still bearish. I want to believe coming days will actually tell us how things would end up turning out anyway, but at this stage, it is always better to let the market develop.

It may swing either way, but I voted for a Bullish trend. That's what I think will happen, even though some other indicators, like Ichimoku, predict a short term bearish run on the daily chart.

I still feel though that we may move in that descending triangle for a while and then in this period get to see the altcoins bounce hugely and then see a fall afterwards. Not certain anyway since we cannot predict the future but if we see the descending triangle play out and we get to see a drop downwards, it would go fast and would certainly be the best opportunity to be buying the market at that point. For me however, it is all about the accumulation with the dips.

[atrocityx]

Why cant it be both?  Could be a a descending triangle that if it breaks down, forms into a falling wedge.. I still think 5800ish is the bottom, and am permalong til someone finds my stop.  Come at me bears

[adaseb]

I wouldn't pay too much attention to this trendline, the way I had this drawn on Coinbase chart, showed it broke last month, and rallied a bit and then dropped back down again. I would pay more attention to the actual ~$6000 support which seems to be pretty strong right now.

Also try and use the weekly chart instead. The daily might prove to give some head fakes. Basically I am looking for a close over $7400 and $8500 to confirm a mid-term to long-term bull market reversal.

Until that happens, really difficult to take any long term trades at the moment.

[NRista94]

Bitcoin is useless to analyze.
All forecasts are correct only in the past.

That's certainly true, but the only thing traders can do is to increase the odds of their trades being potentially profitable by analyzing the data that's presented to them in the here and now.

It's safe to say that while technical analysis isn't going to help you consistently during your trading journey, it's still much better than blindly opening and closing positions from where you solely depend on hope.

It grants you better odds to some degree, but that's directly it. The majority of the analysis I have seen pop up here from people thinking to know what they are talking about have been wrong 9 out of 10 times.

I agree with you 100% on this answer, couldn't say it in better words!

[NRista94]

I wouldn't pay too much attention to this trendline, the way I had this drawn on Coinbase chart, showed it broke last month, and rallied a bit and then dropped back down again. I would pay more attention to the actual ~$6000 support which seems to be pretty strong right now.

Also try and use the weekly chart instead. The daily might prove to give some head fakes. Basically I am looking for a close over $7400 and $8500 to confirm a mid-term to long-term bull market reversal.

Until that happens, really difficult to take any long term trades at the moment.

Okay, thanks for the tip, will try to use the weekly chart. Its always difficult to make a long-term trade, but it can be the most profitable one depending on what you're investing in.
My plans are to invest some more money around the $6k zone (thought its gonna break down to 5k but not so sure about it anymore). And at the moment only a few daily scalps so i dont forget how to trade

[jjohnathn]

Bitcoin is useless to analyze.
All forecasts are correct only in the past.

Indicators are useful until everyone knows it. Then it becomes useless. I fear these counter indicators has been exposed too much and is now broken.

[Mespirst]

Sometimes, the best trade is no trade. Sitting on the sidelines while the market does what it does is perfectly fine.
Whether you're bullish or bearish, a chart can be made to fit your bias. Currently, I'm not making any moves in the market until I can see a more clear sense of direction.
Both charts show Bitcoin currently at a resistance level of the downward trendline. One is a Bearish Chart Pattern, the other is Bullish.

https://i.imgur.com/sMbjhzx.png

       

https://i.imgur.com/ZJP992s.png

If the price drops lower, I will gladly buy more and If the price continues to rise outside of this channel and shows signs of strength, I will gladly jump on the train and ride it back up to all-time highs!
Even if I miss the exact bottom, that's perfectly fine!
I'd rather just catch the meat of the bull run than continuously trying to catch the exact bottom of the Bitcoin bounce. Once the tables turn there will be plenty of upsides to take advantage of!

Also, a suggestion for all traders, check out this free trading e-book from Eterbase, I found it quite refreshing and informative
https://www.eterbase.com/ebook/trading-guide

Increase in volume before the resistance is an exhaustion signal. We need increase in volume AFTER the resistance not before lol.

[katrimans]

Sometimes, the best trade is no trade. Sitting on the sidelines while the market does what it does is perfectly fine.
Whether you're bullish or bearish, a chart can be made to fit your bias. Currently, I'm not making any moves in the market until I can see a more clear sense of direction.
Both charts show Bitcoin currently at a resistance level of the downward trendline. One is a Bearish Chart Pattern, the other is Bullish.

       

If the price drops lower, I will gladly buy more and If the price continues to rise outside of this channel and shows signs of strength, I will gladly jump on the train and ride it back up to all-time highs!
Even if I miss the exact bottom, that's perfectly fine!
I'd rather just catch the meat of the bull run than continuously trying to catch the exact bottom of the Bitcoin bounce. Once the tables turn there will be plenty of upsides to take advantage of!

Also, a suggestion for all traders, check out this free trading e-book from Eterbase, I found it quite refreshing and informative
https://www.eterbase.com/ebook/trading-guide

You’re really about jumping as it is rising and not waiting for the bottom. Some people continue to wait for when it will drop to the bottom price, but they keep on waiting and that price will come and go and they wouldn’t know, and by the time they realize it, price has already reached the highest and when they decide to invest their money, that’s the time will get caught in the bull trap and you will see the price dropping while they loose. So jump in the train as long as you’re sure that the price will rise from that point.

[Wind_FURY]

If the price drops lower, I will gladly buy more and If the price continues to rise outside of this channel and shows signs of strength, I will gladly jump on the train and ride it back up to all-time highs!
Even if I miss the exact bottom, that's perfectly fine!
I'd rather just catch the meat of the bull run than continuously trying to catch the exact bottom of the Bitcoin bounce. Once the tables turn there will be plenty of upsides to take advantage of!

That's the right attitude, IF you want to earn some "profit" in fiat money. But having that kind of attitude contradicts ourselves of being in Bitcoin in the first place. Instead, you should reverse BTC/USD to USD/BTC and try to make yourself "Bitcoin rich".

[aencarnaci]

Bitcoin is useless to analyze.
All forecasts are correct only in the past.

Indicators are useful until everyone knows it. Then it becomes useless. I fear these counter indicators has been exposed too much and is now broken.

Lol. Indicators will always be useful as they tend to give you sense of direction, but you also have to understand that as a trader, we are sometimes just like puppets and even as indicators may be giving directions, you also still have to keep in mind that the market can be manipulated which is why there is stop loss.

Nevertheless, if you use indicators as basis and you are able to do your TA well, you will realize that you are still better off with them anyway than not using them at all. This is the reason why a lot of people tend to consider different options when using indicators to make decisions in the market, and no matter how exposed they are, it is not going to change the fact that they still give you a sense of what to do with all things being equal.

[naidray]

I wouldn't pay too much attention to this trendline, the way I had this drawn on Coinbase chart, showed it broke last month, and rallied a bit and then dropped back down again. I would pay more attention to the actual ~$6000 support which seems to be pretty strong right now.

Also try and use the weekly chart instead. The daily might prove to give some head fakes. Basically I am looking for a close over $7400 and $8500 to confirm a mid-term to long-term bull market reversal.

Until that happens, really difficult to take any long term trades at the moment.

The thing right now depending on how one views it, is that the falling wedge looks intact as well as the descending triangle, but nothing can really be said now as the market can still end up dropping in a way that one would least expect in the long run.

We may say a descending triangle which is bearish, but that does not mean the market can still not break upward as we have seen different scenarios like this is the past, but whichever way, time is the only thing we have at our disposal which we can make use of and like you said, which I certainly agree with, making any long term decisions at the moment until there is a clear signal is always a dangerous and risky move that must be taken with caution.

[wayaneka]

Iam bullish for Bitcoin and this my prediction according to historycal price, when the price already going down more than 70% the price has potential to going up after that. With alot of upcoming good news about cryptocurrency adoption will create another bull market, from technical analysis the price of Bitcoin keep strong on the level support above $6000 in a few month, after some good news will trigger another bull market and the price will surpass $20k in next year. There are several different view in technical analysis but about 90% of prediction's trader is bullish for Bitcoin.

[vixcious]

I think it will not reduce further. This is the bottom of it. It just falls into the $ 6000 range as the minimum. Sometimes technical analyzes are wrong for these special cases. Boldly invest now and get more profit in the future.