Bitcoin Equilibrium Pattern Will Lead to Violent Move

xZork

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Quote from: hugeblack on December 10, 2019, 11:59:53 PM

Quote

The monthly chart hasn’t changed much and it’s still waiting for that weekly chart to shift into an uptrend to confirm a monthly higher low

It is a good idea to notice periods of price stability during the last days of the year, in fact, the price is going through a dormant period of several days.
The lowest level was at 6700 dollars and it does not seem that the price will go to that level so I think again that we will rise again to the 7400 dollar barrier within 24 hours.
We may return to the $ 8,000 before the end of this year.
Generally, think about it, on the other hand, the price was less than 4000 dollars last year.

I think Bitcoin will tend to decrease in the last month of 2019, it is difficult for Bitcoin to return to the price of $ 8000 in December 2019. People need money to spend during the Christmas season so there will be a Large amount of cryptocurrency sold on the market.
Perhaps we should sell bitcoin now and wait for lower prices to buy. I guess bitcoin will drop to $ 6k7 in the last month of 2019 and it will increase in February 2020.

bitvalak

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Quote from: Astargath on December 10, 2019, 08:56:56 PM

https://www.coincurb.com/news/bitcoin-daily-equilibrium-pattern-confirmed-what-next/

Bitcoin has confirmed a Daily Equilibrium pattern. This pattern is created when an asset sets a lower high and then a higher low, it's basically like a triangle sideways. As the range tightens more and more, the asset eventually breaks out, bearish or bullish. Right now, the bears have the upper hand but that could still change.

This pattern is almost the same as the pattern in mid-August to the end of August this year. False break or reversal will occur because the price is too conical to continue the bearish trend.
The area that determines is in the area of $ 7,000. Because at the end of each month there will be price fluctuations as in previous months.

Astargath

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Quote from: exstasie on December 12, 2019, 02:22:39 PM

Quote from: aardvark15 on December 12, 2019, 11:50:59 AM

As the triangle gets squeezed, it will have to break one way or the other. We just don’t know which way it will go.

We actually breached the range low yesterday, no breakout.

So technically the equilibrium pattern might be invalidated. It's no longer a contracting triangle.

We could keep building out a descending triangle though. That's usually perceived as a bearish pattern, though I've never seen compelling backtesting data to support that.

On Binance, the low of $7067 was held at $7080, so the triangle still works there and it's basically a double bottom.

exstasie

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Quote from: aardvark15 on December 12, 2019, 11:50:59 AM

As the triangle gets squeezed, it will have to break one way or the other. We just don’t know which way it will go.

We actually breached the range low yesterday, no breakout.

So technically the equilibrium pattern might be invalidated. It's no longer a contracting triangle.

We could keep building out a descending triangle though. That's usually perceived as a bearish pattern, though I've never seen compelling backtesting data to support that.

aardvark15

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As the triangle gets squeezed, it will have to break one way or the other. We just don’t know which way it will go.

YuginKadoya

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Well actually this kind of movement is pretty much boring for some traders that wants a more volatile movement, but for me, it is surely OK and this kind of movement on the price gives me break from all the drama's involved in a much volatile price, I think this is OK enough because the price is still at $7200 USD as we speak, pretty much Bitcoin had established a good movement for now, and in the latter years to come I will be waiting for that exclusive All-time high again.

Astargath

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Quote from: figmentofmyass on December 11, 2019, 02:55:51 AM

in other words, we're looking at a contracting range. it might just stay sideways and build out a triangle. for now, all eyes are on $7087 and $7772 (bitstamp) for a breakout.

the measured move target for an upside break is the $8500 area. a downside break is less predictable. the $6k area would be my first guess.

Yep, that's exactly the pattern, I don't know if it's going to break to the upside or not but it's going to be a big break.

panganib999

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I'm honestly looking for it as a stable movement until it can find a breakthrough point, but the breakthrough would most likely come only by the start of next year. As for how much this breakthrough could bring, I wouldn't hope that it could actually surpass 10k. Generally, the halving would reduce the price of BTC and would only pump a year or so after the event has happened. It's probably to let the market adjust to the new supply and demand BTC has released.

Lucius

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I can only say that price has a very good chance to drop (again) under $7000, because all attempts to stay above $7500 failed so far. In situations like this, when the price is kept in a more or less equal range for too long time decline is a very real option.

At the time when the new ATH was being talked about, when the price was above $10k - I say that it would be great to have the price at the end of the year at least on $10 000, which at the moment does not seem quite achievable. However, as it is about Bitcoin, the possibility of a sudden jump should not be dismissed, it can happen at any time.

figmentofmyass

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in other words, we're looking at a contracting range. it might just stay sideways and build out a triangle. for now, all eyes are on $7087 and $7772 (bitstamp) for a breakout.

the measured move target for an upside break is the $8500 area. a downside break is less predictable. the $6k area would be my first guess.

Hippocrypto

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Quote from: Wexnident on December 11, 2019, 01:23:15 AM

It isn't really at all surprising that a storm might come after these few weeks of silent sideways movement of BTC. It's actually kind of asking for a choice from the traders, whether they would pick the bulls or the bears right now, and only time could tell if they are actually right. The bears have the upper hand yes, but it aint much. Bulls are still relatively feisty right now with it slowly pushing towards 7.5k and above. Bears were able to fight back though which resulted in the current 7.3k.

Its still waiting for the possible changes towards the monthly chart, after all, it hasn't been a month since the last recent dump of 6.7.k

The scenario took so struggling these days, as btc price was fearing to loss it's momentum but forcibly breaking $7k to $8k barriers. However, there's a greater possibilities for pumps to establish in the middle of December. End days of 2019 is unpredictable, so let's grab an opportunity of purchasing cheaper holdings.

electronicash

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the support is stronger though, it had tried 3 times to break the support and somehow we see this to be a good indicator that it may soon set a higher highs after the 3rd time. it may take a week to see where this swing will go. i wouldn't be thinking of it going a sharp drop if it really will violently move for there is still a support in the $6800 a chance to dump once it drop this level.

Wexnident

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It isn't really at all surprising that a storm might come after these few weeks of silent sideways movement of BTC. It's actually kind of asking for a choice from the traders, whether they would pick the bulls or the bears right now, and only time could tell if they are actually right. The bears have the upper hand yes, but it aint much. Bulls are still relatively feisty right now with it slowly pushing towards 7.5k and above. Bears were able to fight back though which resulted in the current 7.3k.

Its still waiting for the possible changes towards the monthly chart, after all, it hasn't been a month since the last recent dump of 6.7.k

hugeblack

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Quote

The monthly chart hasn’t changed much and it’s still waiting for that weekly chart to shift into an uptrend to confirm a monthly higher low

It is a good idea to notice periods of price stability during the last days of the year, in fact, the price is going through a dormant period of several days.
The lowest level was at 6700 dollars and it does not seem that the price will go to that level so I think again that we will rise again to the 7400 dollar barrier within 24 hours.
We may return to the $ 8,000 before the end of this year.
Generally, think about it, on the other hand, the price was less than 4000 dollars last year.

Astargath

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Activity: 1624

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https://www.coincurb.com/news/bitcoin-daily-equilibrium-pattern-confirmed-what-next/

Bitcoin has confirmed a Daily Equilibrium pattern. This pattern is created when an asset sets a lower high and then a higher low, it's basically like a triangle sideways. As the range tightens more and more, the asset eventually breaks out, bearish or bullish. Right now, the bears have the upper hand but that could still change.

Topic: Bitcoin Equilibrium Pattern Will Lead to Violent Move (Read 195 times)