Bitcoin : End of the week, consolidation is in play
Happy Saturday all, welcome back with me in this newest update about bitcoin. let's check it out!
If you remember about 2 methods of connecting the trend line, there are wick to wick and the body to body connecting method. Personally, I am more interested in using the body to body connecting method because it will exclude the bull/bear trap region and exclude the possible manipulative region for the crypto asset. But, once again it is still very subjective and a personal judgement that works based on case by case occur.
In this case, which I use the daily time frame to find a possible trend line, I use the body to body connecting method and I find a descending triangle is forming on current price pattern. As we know, the descending triangle usually end up bearish in most of the price pattern. But, in this level and circumstance I really recommend you to wait more for the confirmation to enter any position. There are several example of a failure descending triangle that is bullish, that's why a break out to both side is expected and I will stay neutral on middle term.
In overall, after a huge drop on September 23rd and 24th, the price forms a triangle pattern that usually is a consolidation pattern for the moves. This pattern is still normal and very ideal. Waiting is gold now for bitcoin.
For altcoins, I've seen some candidates to be a hype in crypto universe but, still confirmation is the most crucial thing to wait.
If you remember about 2 methods of connecting the trend line, there are wick to wick and the body to body connecting method. Personally, I am more interested in using the body to body connecting method because it will exclude the bull/bear trap region and exclude the possible manipulative region for the crypto asset. But, once again it is still very subjective and a personal judgement that works based on case by case occur.
In this case, which I use the daily time frame to find a possible trend line, I use the body to body connecting method and I find a descending triangle is forming on current price pattern. As we know, the descending triangle usually end up bearish in most of the price pattern. But, in this level and circumstance I really recommend you to wait more for the confirmation to enter any position. There are several example of a failure descending triangle that is bullish, that's why a break out to both side is expected and I will stay neutral on middle term.
In overall, after a huge drop on September 23rd and 24th, the price forms a triangle pattern that usually is a consolidation pattern for the moves. This pattern is still normal and very ideal. Waiting is gold now for bitcoin.
For altcoins, I've seen some candidates to be a hype in crypto universe but, still confirmation is the most crucial thing to wait.
