#BTC UPDATE

24 nov 2022

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#BTC UPDATE

BTC break down this descending triangle pattern

What is a descending triangle pattern?
The classic version of this pattern forms a trend line that is sloping and a flat or horizontal support line. The pattern emerges as the price bounces off the support level at least twice. The completion of the pattern occurs after the end of a retracement in a downtrend.

The downside breakout from the support triggers a strong bearish momentum-led decline.

However, this textbook pattern seldom occurs in real markets. In most cases, a descending triangle pattern can also see a sloping base as well. Instead of a flat support level, you can see higher lows being formed.

The illustration below shows what an “ideal” descending triangle pattern looks like, which is often labelled a descending wedge, as well.

In my last update, I mention the 17.5k horizontal support, after that post, BTC Bounced from that support

Currently, it breakout the descending triangle with a successful retest and heads toward the horizontal resistance which is around 17k.

A solid breakout of 17k would be the confirmation of the continuation of bullish momentum in the market, while a rejection will result in further range play.

Stay tuned I will keep updating.


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24 nov 2022

Nota

A lot of people are selling at a loss. Is it the bottom?
- According to ASOPR, many people are selling at a loss.
- In addition, many analysts analyze that 'the floor has been reached!' based on ASOPR.
- But in fact, 70% of UTxO remains profitable. Only 30% of the total UTxO is lost.
- Many people are selling at a loss (ASOPR), and UTxO's Profit (%) is also on the decline, but it is not yet more than half as lost as in the past.

Although there is a high percentage of selling losses, most of them still retain their beneficiary rights when considering the overall UTxO.

Most of the people who are selling at a loss now are relatively recent participants. The real bottom comes when more than half of investors in the entire cycle, including this, lose money.

Of course, short-term panic can cause a short-term rebound. But will it continue in the long run? I don't know yet