Ascending Triangle...we are about to break bullish. 10.5K within a week.

Getmon

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Quote from: DrBitcoin on November 02, 2019, 06:38:33 PM

I believe within one week from today we will break bullish and reach 10.5K. Maybe higher.
Ascending triangle has formed. Let’s see.

Let us see where this ascending triangle will bring us. If there will be no big news, whether positive or negative, about Bitcoin or anything that would affect its price in the coming few days, this ascending triangle might really bring us to the $11,000 price, similar to the price in Argentina, where the people are caught by a falling economy. But with the current red of Bitcoin getting lower and lower, a long green might take over and break $10,000 sooner rather than later.

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Quote from: DrBitcoin on November 02, 2019, 06:38:33 PM

I believe within one week from today we will break bullish and reach 10.5K. Maybe higher.
Ascending triangle has formed. Let’s see.

May be it would break sooner or later. Maybe this ascending triangle will soon be break depending on the current events happening around. But I think it will last song 'cause of there is a lot of big names out there that start adopting crypto currency such as China, Starbucks and so on. Though it is not as definite as we think but at least it is there.

dragonvslinux

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Quote from: figmentofmyass on November 03, 2019, 07:58:42 PM

Quote from: dragonvslinux on November 03, 2019, 07:00:38 PM

Quote from: figmentofmyass on November 03, 2019, 06:53:09 PM

i never even noticed that. you're right, it's a perfect example of an ascending triangle.

nobody took notice at the time because everyone was bearish IMO. most people consider ascending triangles to be bullish, so they ignored it. everybody plays to their biases.......

I think the reason this particular ascending triangle was ignored was due to only have two touch-points along the ascending trend-line support (with a relevant distance between these contact points). Most consider the pattern as relevant with 3 touch-points minimum per support/resistance trend-line, which is the basic confirmation requirement of any triangle based pattern. Traders that ignore ascending triangles and only acknowledging descending triangles (and visa versa) are clearly not very clever traders Roll Eyes

Unfortunately for many traders, the third touch-point never occurred to properly confirm this ascending triangle, even if hindsight is a great afterthought.

whose rules are those? i was always taught that two touches are required to form a triangle's trendlines. https://www.investopedia.com/terms/a/ascendingtriangle.asp

It comes from the basic rules of statistics that I follow, which I find very relevant when calculating risk/reward probabilities based on chart patterns, that in themselves are unreliable enough as it is. For example: 1 is anomaly, 2 is coincidence, 3+ is a pattern. I'm therefore not interested in coincidental patterns, but confirmed ones.

Ie from a numbers perspective, you can't analyze two or less numbers statistically speaking, but three or more is possible to do.

Quote from: Chart school

Four (4) Points: At least 2 points are required to form a trend line and 2 trend lines are required to form a symmetrical triangle. Therefore, a minimum of 4 points are required to begin considering a formation as a symmetrical triangle. The second high (2) should be lower than the first (1) and the upper line should slope down. The second low (2) should be higher than the first (1) and the lower line should slope up. Ideally, the pattern will form with 6 points (3 on each side) before a breakout occurs.

I care about the precision of the pattern, so 3 touch-points is a must for me otherwise it screws with probability.
I also like things that are ideal, as opposed to the bare minimum to be honest Cheesy

STT

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Earlier this year I noticed the rising lows and it was quite regular and a reliable pattern. The mistake was I didnt put enough weight behind what then occurs when people notice it held, switching from a negative sentiment to the possibility of Bitcoin rising just by itself that was worth a buy. Also another thing I'm not great on is when we break up, the price is higher but price actually holding past that previous resistance again is bullish and worth a trade, the mistake is not being confident at those times. Buying at the higher price is hard to do imo, people want to believe they can buy at the lows.
I dont see anything like that now, we got noise and maybe this or that and it'll clear eventually but I'd guess we bounce around like a squash court :O

Quote

200 Day MA acting as the ascending trend-line

MA is an indicator, short term price will rebound off alot of things but I dont reckon averages can stop price movement as its an indicator not the actual trend itself. If that were to play out now, price is at 200 DMA but if we are negative it should be going to like 8500 as thats a trend or extrapolation of previous pricing.

figmentofmyass

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Quote from: dragonvslinux on November 03, 2019, 07:00:38 PM

Quote from: figmentofmyass on November 03, 2019, 06:53:09 PM

i never even noticed that. you're right, it's a perfect example of an ascending triangle.

nobody took notice at the time because everyone was bearish IMO. most people consider ascending triangles to be bullish, so they ignored it. everybody plays to their biases.......

I think the reason this particular ascending triangle was ignored was due to only have two touch-points along the ascending trend-line support (with a relevant distance between these contact points). Most consider the pattern as relevant with 3 touch-points minimum per support/resistance trend-line, which is the basic confirmation requirement of any triangle based pattern. Traders that ignore ascending triangles and only acknowledging descending triangles (and visa versa) are clearly not very clever traders Roll Eyes

Unfortunately for many traders, the third touch-point never occurred to properly confirm this ascending triangle, even if hindsight is a great afterthought.

whose rules are those? i was always taught that two touches are required to form a triangle's trendlines. https://www.investopedia.com/terms/a/ascendingtriangle.asp

Quote

A minimum of two swing highs and two swing lows are required to form the ascending triangle's trendlines.

the fifth wave in triangles (wave E in elliott wave terms) providing a third touch is the textbook ideal but it often doesn't happen.

dragonvslinux

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Quote from: figmentofmyass on November 03, 2019, 06:53:09 PM

Quote from: 1Referee on November 03, 2019, 06:13:33 PM

Quote from: exstasie on November 03, 2019, 03:19:20 PM

Triangles aren't usually reversal patterns (though it happens).

It was a major one this year. Before the price exploded from $4000 to $5000 we were perfectly completing an ascending triangle with a ~$1000 measured move, which is exactly what we got.

The only thing is that people weren't talking about it back then, where nowadays everyone and their dog knows about them, which weakens their actual effect, so I expect triangle breakouts to result in sideways price action more often until a longer time frame pattern breaks.

We had a time where short squeezes were hyped up, then head and shoulders patterns, bart patterns, triangle patterns, etc. What's next?

i never even noticed that. you're right, it's a perfect example of an ascending triangle.

nobody took notice at the time because everyone was bearish IMO. most people consider ascending triangles to be bullish, so they ignored it. everybody plays to their biases.......

I think the reason this particular ascending triangle was ignored was due to only have two touch-points along the ascending trend-line support (with a relevant distance between these contact points). Most consider the pattern as relevant with 3 touch-points minimum per support/resistance trend-line, which is the basic confirmation requirement of any triangle based pattern. Traders that ignore ascending triangles and only acknowledging descending triangles (and visa versa) are clearly not very clever traders Roll Eyes

Unfortunately for many traders, the third touch-point never occurred to properly confirm this ascending triangle, even if hindsight is a great afterthought.

figmentofmyass

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Quote from: 1Referee on November 03, 2019, 06:13:33 PM

Quote from: exstasie on November 03, 2019, 03:19:20 PM

Triangles aren't usually reversal patterns (though it happens).

It was a major one this year. Before the price exploded from $4000 to $5000 we were perfectly completing an ascending triangle with a ~$1000 measured move, which is exactly what we got.

The only thing is that people weren't talking about it back then, where nowadays everyone and their dog knows about them, which weakens their actual effect, so I expect triangle breakouts to result in sideways price action more often until a longer time frame pattern breaks.

We had a time where short squeezes were hyped up, then head and shoulders patterns, bart patterns, triangle patterns, etc. What's next?

i never even noticed that. you're right, it's a perfect example of an ascending triangle.

nobody took notice at the time because everyone was bearish IMO. most people consider ascending triangles to be bullish, so they ignored it. everybody plays to their biases.......

1Referee

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Quote from: exstasie on November 03, 2019, 03:19:20 PM

Triangles aren't usually reversal patterns (though it happens).

It was a major one this year. Before the price exploded from $4000 to $5000 we were perfectly completing an ascending triangle with a ~$1000 measured move, which is exactly what we got.

The only thing is that people weren't talking about it back then, where nowadays everyone and their dog knows about them, which weakens their actual effect, so I expect triangle breakouts to result in sideways price action more often until a longer time frame pattern breaks.

We had a time where short squeezes were hyped up, then head and shoulders patterns, bart patterns, triangle patterns, etc. What's next?

dragonvslinux

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Quote from: exstasie on November 03, 2019, 03:19:20 PM

Quote from: dragonvslinux on November 03, 2019, 08:46:09 AM

As an update, this ascending triangle broke down this morning. The double top on smaller-time frames was still bullish, but the bearish RSI divergence that appeared wasn't apparently.

Triangles aren't usually reversal patterns (though it happens). So when I saw the OP charting an ascending triangle off the bottom, I was skeptical. Then I saw it was on the hourly chart and I was doubly skeptical. No surprises here.

Chart patterns work best for me on the daily and higher time frames. So much noise at intraday time frames.....

Not sure I'd consider that triangle a reversal, more of a continuation as part of a bull flag, but it's subject and I do see your point as it came from the relative lows.
As you said: smaller the time frame, the less reliable the pattern.

exstasie

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Quote from: dragonvslinux on November 03, 2019, 08:46:09 AM

As an update, this ascending triangle broke down this morning. The double top on smaller-time frames was still bullish, but the bearish RSI divergence that appeared wasn't apparently.

Triangles aren't usually reversal patterns (though it happens). So when I saw the OP charting an ascending triangle off the bottom, I was skeptical. Then I saw it was on the hourly chart and I was doubly skeptical. No surprises here.

Chart patterns work best for me on the daily and higher time frames. So much noise at intraday time frames.....

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Quote from: AliMan on November 03, 2019, 05:12:32 AM

Quote from: arwin100 on November 03, 2019, 04:38:28 AM

Quote from: LFC_Bitcoin on November 03, 2019, 03:58:47 AM

Quote from: DrBitcoin on November 02, 2019, 06:38:33 PM

I believe within one week from today we will break bullish and reach 10.5K. Maybe higher.
Ascending triangle has formed. Let’s see.

Always good to see bullish, realistic charts/projections. I hope you’re right OP, it’d be nice to get & stay above $10,000 before New Year.

It seems realistic really but there's no bad things blockings it's growth so provably we can see a 10k$ or maybe even more in this succeeding months. And we should remember that halving is coming so provably people set aside those negativity that's why we can see a positive prediction like this coming.

More positive thoughts are coming now, we should be careful on that because it might not be so good if we're expecting too much. Possible frustration will occur for everybody who always looks after on bullish trend, and it's good to see if we're just maintaining a calm attitude while waiting for the right time. However it that's going to perform gracefully this coming weeks, let's see what would happen in due time.

Nice to see so many positive posts after a very long time, but it would be great if we witness a gradual increase rather than sudden pump and unexpected dump. Our mind is filled with so many negative thought after a year long bearish market and I feel skeptic whether it's a bull trap or genuine increase after so many bull trap which we have witnessed. Let's not make any hasty decisions right now unless we are traders.

dragonvslinux

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As an update, this ascending triangle broke down this morning. The double top on smaller-time frames was still bullish, but the bearish RSI divergence that appeared wasn't apparently.

There's an argument for an ascending broadening wedge however, with the 200 Day MA acting as the ascending trend-line in dotted gold.

Own work: dragononcrypto

Source

As opposed to claiming that "Ascending Braodening Wedge...we are about to break bullish", I'd argue there's a high enough probability of breaking bullish, with confirmation only.

Be cautious of this descending triangle on a larger time-frame, that as per usual would be bearish if we close (confirm) a 4hr candle below $9,020:

Own work: dragononcrypto

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Quote from: Pearls Before Swine on November 02, 2019, 06:42:50 PM

~~You might want to fix the format on that link.~~

$10,500 within a week? Okay, bump this thread in a week and we'll see if you're right. I've no idea what an ascending triangle is or means, but it sounds like one of those geometry gems that traders trade on. Am I right?

I'm very bullish on bitcoin but I'm also hoping it doesn't pull a 2017 on us all. Increasing by $1000 in a week might be a little too much...but we'll see, right?

I'd say I agree. I'd rather it go on a gradual one rather than a sudden bullish run. In general, It's very difficult to maintain such a price whenever a bullish run occurs, and so, the price stabilizes and goes down to at the very least, an acceptable range. A bullish run within a week is just way too fast, and if it is so, I'd expect a sudden dump or so to let the price regulate itself.
I do hope for a bullish run at times, but well that is just hoping for me anyhow.

barota

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Quote from: arwin100 on November 03, 2019, 04:38:28 AM

Quote from: LFC_Bitcoin on November 03, 2019, 03:58:47 AM

Quote from: DrBitcoin on November 02, 2019, 06:38:33 PM

I believe within one week from today we will break bullish and reach 10.5K. Maybe higher.
Ascending triangle has formed. Let’s see.

Always good to see bullish, realistic charts/projections. I hope you’re right OP, it’d be nice to get & stay above $10,000 before New Year.

It seems realistic really but there's no bad things blockings it's growth so provably we can see a 10k$ or maybe even more in this succeeding months. And we should remember that halving is coming so provably people set aside those negativity that's why we can see a positive prediction like this coming.

yes the probabelity can become possible. prices may touch level 13000 usd per btc and stable above 10000 usd per btc at latest before new year or 2020 ;prices now above 9000 usd per btc and it seem this a good support ligne and for sure another green day with small pump will make price at 10.5k usd per btc ; of course this rise in prices bitcoin can happend this week . who know?

AliMan

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Quote from: arwin100 on November 03, 2019, 04:38:28 AM

Quote from: LFC_Bitcoin on November 03, 2019, 03:58:47 AM

Quote from: DrBitcoin on November 02, 2019, 06:38:33 PM

I believe within one week from today we will break bullish and reach 10.5K. Maybe higher.
Ascending triangle has formed. Let’s see.

Always good to see bullish, realistic charts/projections. I hope you’re right OP, it’d be nice to get & stay above $10,000 before New Year.

It seems realistic really but there's no bad things blockings it's growth so provably we can see a 10k$ or maybe even more in this succeeding months. And we should remember that halving is coming so provably people set aside those negativity that's why we can see a positive prediction like this coming.

More positive thoughts are coming now, we should be careful on that because it might not be so good if we're expecting too much. Possible frustration will occur for everybody who always looks after on bullish trend, and it's good to see if we're just maintaining a calm attitude while waiting for the right time. However it that's going to perform gracefully this coming weeks, let's see what would happen in due time.

arwin100

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Quote from: LFC_Bitcoin on November 03, 2019, 03:58:47 AM

Quote from: DrBitcoin on November 02, 2019, 06:38:33 PM

I believe within one week from today we will break bullish and reach 10.5K. Maybe higher.
Ascending triangle has formed. Let’s see.

Always good to see bullish, realistic charts/projections. I hope you’re right OP, it’d be nice to get & stay above $10,000 before New Year.

It seems realistic really but there's no bad things blockings it's growth so provably we can see a 10k$ or maybe even more in this succeeding months. And we should remember that halving is coming so provably people set aside those negativity that's why we can see a positive prediction like this coming.

LFC_Bitcoin

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Quote from: DrBitcoin on November 02, 2019, 06:38:33 PM

I believe within one week from today we will break bullish and reach 10.5K. Maybe higher.
Ascending triangle has formed. Let’s see.

Always good to see bullish, realistic charts/projections. I hope you’re right OP, it’d be nice to get & stay above $10,000 before New Year.

Sadlife

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Quote from: DrBitcoin on November 02, 2019, 06:38:33 PM

I believe within one week from today we will break bullish and reach 10.5K. Maybe higher.
Ascending triangle has formed. Let’s see.

the last time i see a thread created by you is very Bearish and you have predicted that bitcoin price will go below %7k and drop to 6k$ but it doesnt happen though very close since we step down to almost below $7k
so from that i know i can find you reliable in prediction,now that you turns to bullish i think i love waiting this 1 week duration and will be glad if this happen,goodluck to us .

Kyraishi

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Bit of a hard to see chart, try and make it a bit bigger just via paint, or take a larger screenshot of the application you are looking at, just to make it easier on the eyes for other people.

With the pump happening last week, it seems like the main course of action for everyone is the buy, and I am definitely seeing a lot of that happen with the current market. For it to bump over 10 percent during a week though, that sounds a bit too much, it's been done before, not sure about this time though.

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Quote from: Pearls Before Swine on November 02, 2019, 06:42:50 PM

I've no idea what an ascending triangle is or means, but it sounds like one of those geometry gems that traders trade on. Am I right?

http://thepatternsite.com/at.html

Thomas Bulkowski's backtesting says they break upward 63% of the time.

They more commonly appear as continuation patterns rather than reversal patterns, but the OP's fractal could play out like this:

Topic: Ascending Triangle...we are about to break bullish. 10.5K within a week. (Read 330 times)