BTC: Buy the Dip Opportunity You Can’t Miss
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Many people compare the current Descending Triangle with one we had in 2018. The difference is that the 6k to 3k drop was in a downtrend - we are still in an uptrend. Different environment.
Let’s take a look at another Descending Triangle, which happened in Summer of 2017 at the peak of a bull run. We are definitely seeing some similarities with the current one.
Pay attention to one detail which I find interesting – the 147-Day EMA. It is an imitation of the 21-Week EMA, which supported the previous bull market just amazingly well. Now it’s coming into the floor of the Descending Triangle. So, in case of the triangle breakdown, we are going to violate the 21-Week EMA. And that’s the case we get a decent wick below the 21-Week EMA.
In 2017 the same 147 EMA (but on a 12h scale) was approaching the bottom of the Descending Triangle and then got broken with the triangle breakdown.
There’s a probability of having the so-called Single Busted Descending Triangle.
According to Thomas Bulkowski, if it is a Single Busted Descending Triangle, price must move less than 10%. A 10% fall would take us down to 8.3k. There is a good support around that region. Notice that in 2017 the triangle broke down and met its full target. The move was more that 10%, but nevertheless it reversed. That’s because we were in a bull market. And you know traders’ motto during bull markets: Buy The Dip! (if it actually dips).
If we are lucky enough, we’ll get a spring to shake out all weak hands before BTC takes off again.
Bakkt launch is very close (Sept 23) and on Sept 27 6 moths CME Futures expire. These news events can really shake the market.
If you like the idea, please, hit the Like button and subscribe to the profile in order not to miss our updates.
The information given is never financial advice. Always do your own research.
Let’s take a look at another Descending Triangle, which happened in Summer of 2017 at the peak of a bull run. We are definitely seeing some similarities with the current one.
Pay attention to one detail which I find interesting – the 147-Day EMA. It is an imitation of the 21-Week EMA, which supported the previous bull market just amazingly well. Now it’s coming into the floor of the Descending Triangle. So, in case of the triangle breakdown, we are going to violate the 21-Week EMA. And that’s the case we get a decent wick below the 21-Week EMA.
In 2017 the same 147 EMA (but on a 12h scale) was approaching the bottom of the Descending Triangle and then got broken with the triangle breakdown.
There’s a probability of having the so-called Single Busted Descending Triangle.
According to Thomas Bulkowski, if it is a Single Busted Descending Triangle, price must move less than 10%. A 10% fall would take us down to 8.3k. There is a good support around that region. Notice that in 2017 the triangle broke down and met its full target. The move was more that 10%, but nevertheless it reversed. That’s because we were in a bull market. And you know traders’ motto during bull markets: Buy The Dip! (if it actually dips).
If we are lucky enough, we’ll get a spring to shake out all weak hands before BTC takes off again.
Bakkt launch is very close (Sept 23) and on Sept 27 6 moths CME Futures expire. These news events can really shake the market.
If you like the idea, please, hit the Like button and subscribe to the profile in order not to miss our updates.
The information given is never financial advice. Always do your own research.
Anmerkung
This was perfect Buy The Dip! The price followed the downward arrow and the upward one amazingly well. Have you ever seen something better than this Buy The Dip call? I doubt
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