Update 10/4: Price hits the key directional pivot and first downside target for the earlier forecast (link below) at 382. This should be the main major support for now, and the main remaining floor for price before the next target at 260. Good luck
Earlier Forecast 27/3 :( tradingview.com/v/rtavF0S2/ ) BTC is moving in a clear downside bias, where the latest bullish attempt failed to test and break the falling trend. The price could be forming a major descending triangle, and thus i see the first target at 382.00. A break below 382.00 would be seriously harmful, as the measured move of the triangle formation points to -400$ ( a negative number (of-course this is imaginary number ) but what do you think that could mean?
P.S: I stick to my earlier forecast that BTC will be below $50 soon
If you -400$ is a symbol of something that is "close to zero", the entire schedule of anything. Something.
Go past the cash Desk.
Technician
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Again, -400$ just symbolize something near zero, read the description for god sake
Nathanael
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while this could happen, and I can see BTC going to 0, this is not necessarily a descending triangle.
A descending triangle is a corrective triangle that is in a downtrend. Where this is a triangle that is in a long term uptrend. Take a look at the chart below
Nathanael
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Also, wave "e" in a triangle commonly overshoots the triangle trend line (which is what we are doing/about to do) I see this happening instead: tradingview.com/v/VuPYrL8J/
Technician
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Well, it could be the case.Nothing Inevitable
I am not a big believer in Elliott though, too many possibilities . I use it in conjunction with other traditional technical tools.
Technician
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Perfectly stated, A descending triangle is a corrective triangle that is in a downtrend, this is how most technical text-books taught us.
However, this is not always the case, some technician such as bullkwoski studied samples of the occurrence of technical patterns and their success rates, the truth is all patterns continuation or reversal can occur in various ways, the trend leading to pattern could be up or down. For me I use my own judgment regarding patterns, cause technical analysis is not a pure science thatls why it fails lot. I encourage everyone to do that as well.
In general, I have learned that a descending triangle is a bearish continuation pattern, but I only use what i learned from books as a base to build upon my own conclusions, which may be different.
Good luck
vlad.adrian
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I can't wait to hear what those smartasses that insulted your previous bitcoin chart have to say about this. No technician, you don't know TA!!! Aint that right bitcoin 'forecasters' ?
Technician
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:$
thomashvu
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If you everything turns out the way you said (so far is has), then how soon do you think we will reach ~ $50?
If you -400$ is a symbol of something that is "close to zero", the entire schedule of anything. Something.
Go past the cash Desk.