Symmetrical triangle break down looming + Advanced patterns
There is a lot going on in the chart above. The larger pattern (light green) is a symmetrical triangle which will break in the direction of the over-all trend, about 75% of the time. Confirmation will be a daily candle closing either above or below the pattern. Inside the triangle we've got two measured moves AB=CD (green arrows and red arrows) as well as an incomplete Bullish Bat pattern and incomplete Bearish Cypher. Price is threatening to drop out of the triangle which would lead us to expect a price decline to support. Based on the SCMR dynamic levels, that would be near $227 and then $217.
If the Bat completes at point D, bullish reversal targets are at .382 and .618 of the distance XA. (See chart in comments for recent example) ... If the Cypher completes, targets are .382 and .618 of the distance XC. For more detailed information on bat patterns go here: harmonictrader.com/price_patternsbat.htm ... For more on Cyphers, go here: youtu.be/Tc8ORH2ox0A
Target level for trading the symmetrical triangle is drawn from the the first touch on the lower line to the top of the upper line, then that distance is taken as a measured move from where price breaks out of the pattern. In this instance, that would be around the $180 level. ... For more on Symmetrical Triangle patterns, see here: stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:symmetrical_triangle_continuation
We've had some real strong bullish opportunities lately and to a one, they've rotted on the vine. On May 4th, the first bitcoin hedge fund (GBTC) went live, trading hundreds over market price for the equivalent of 1 bitcoin, with 1 share being equal to .1 btc. The week of trading which preceded the launch saw only a $19 move up in price. Week of the launch, saw an over-all price decline. We've also now seen a Swedish ETN launch with little to no major movement in market price. Instead, what we're seeing is price beginning to steadily slump.
If the Bat completes at point D, bullish reversal targets are at .382 and .618 of the distance XA. (See chart in comments for recent example) ... If the Cypher completes, targets are .382 and .618 of the distance XC. For more detailed information on bat patterns go here: harmonictrader.com/price_patternsbat.htm ... For more on Cyphers, go here: youtu.be/Tc8ORH2ox0A
Target level for trading the symmetrical triangle is drawn from the the first touch on the lower line to the top of the upper line, then that distance is taken as a measured move from where price breaks out of the pattern. In this instance, that would be around the $180 level. ... For more on Symmetrical Triangle patterns, see here: stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:symmetrical_triangle_continuation
We've had some real strong bullish opportunities lately and to a one, they've rotted on the vine. On May 4th, the first bitcoin hedge fund (GBTC) went live, trading hundreds over market price for the equivalent of 1 bitcoin, with 1 share being equal to .1 btc. The week of trading which preceded the launch saw only a $19 move up in price. Week of the launch, saw an over-all price decline. We've also now seen a Swedish ETN launch with little to no major movement in market price. Instead, what we're seeing is price beginning to steadily slump.
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