ligand
Long

ETHUSDT end of the corrective triangle

POLONIEX:ETHUSDT   Ethereum / Tether USD
225 7 6
Decision time.
If my count is right, we are already working on an e in the third sub-degree. This means a lot of pressure is accumulating.
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yes, the fall in price has stoped at the green trend line, and begun last hours to easily recover going up, lets see what will be next
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ligand Rider77
@Rider77, of course my count might be wrong and the correction may take longer. For example, the present triangle might form a complex "c", and d and e are still to follow.

But I like the "untidy" look of the shown big triangle unfoldinge since june. If a triangle is too perfect and all its edges are in line, it is mostly a fake and the next move will take the opposite direction as expected.

And of course some money might leave bitcoin and go to the altcoins now with segwit2x.
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There is a possible bear flag on the shorter time frame. Im leaning to a move down to 260-220 before a break upwards.
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ligand JoshuaVanier
@JoshuaVanier, I agree - a fake breakout to the downside is frequent and always a nice way to trigger some stop loss.
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@ligand, Are you aware of the frozen ethereum bug? I do not know how one would factor it into TA though.
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ligand JoshuaVanier
@JoshuaVanier, in july there was a similar problem with Parity, although to a lesser extend. If the impact on the chart is similar now or even more intense, I would be glad.
Anyway, personally I agree more to the sentence "the chart makes the news" than vice versa. A view which also much more comfortable for me since I'm not an expert on blockchain. I can't fathom what positive consequences seemingly bad news might have or if it is already priced in.
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