Nights Watch by Afrikoin - page 132.

kehtolo

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Activity: 707

Merit: 500

While typing this, Huobi just broke the resistance line in this triangle. OKCoin already had..
If you draw this triangle on their 4H charts, you'll see what i mean.

Although it was a weak attempt and has actually fallen back. I think we need to see over 5350 for confirmation.

~$760 on Finex and Stamp

Afrikoin

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alan watts is all you need

Quote from: kehtolo on December 01, 2016, 07:26:11 AM

Quote from: Afrikoin on December 01, 2016, 07:14:16 AM

Quote from: kehtolo on December 01, 2016, 07:05:13 AM

I've just been reading up on this.. and i think the authour has got two chart patterns mixed up into one.

There is a rising wedge pattern (bearish) and a rising triangle pattern (bullish) and they are two different things that look a bit similar.

What I'm seeing in this chart is a rising wedge pattern, which would be bearish. But it doesn't end there!

This applies just to the US$ exchanges.. Finex and Stamp..

When we look to China, Huobi shows an (almost perfect) symetric triangle.. which is also bullish.

"The resolution of a symmetric triangle is much less predictable however it is usually considered a "consolidation pattern" means that it will break in the direction of the trend that was in effect before the pattern appeared." - stockcharts.com
https://stockcharts.com/articles/chartwatchers/2015/09/ascending-triangle-bullish-or-ascending-wedge-very-not-bullish.html

OKCoin shows a similar symetric triangle but this has already broken to the Upside

China is leading.. as per usual and the west is following, in what seems like spurts. A little leg up.. indescision.. wait, watch China..move up again... imo, the whole market is watching China and reacting.

Then we have the fundamentals mentioned in the posted article (bitcoinaverage) ..India, China, SegWit, capital controls etc. Overall the picture is bullish, if you take your queues from China.

I see what you mean.

I try to be conscious of my bias. SO i had thought about both the bullish and bearish case below

I still think the trend is up, and even if we take a dip (to as low as $650, its a dip before more up.

See; What's the Difference Between an Ascending Wedge and an Ascending Triangle?
https://stockcharts.com/articles/decisionpoint/2015/04/whats-the-difference-between-an-ascending-wedge-and-an-ascending-triangle.html

(images snipped)

Yes, and I agree (i've read that article too!). Either we just go up to next resistance from here or one more leg down to support level (around $650 like you say) before moving up. This would be the extreme scenarion. I don't think it will/would drop that much. 700 looks to be good support. And if it does drop there 700-720.. then it would be a great entry point as a move up would be very very likely to follow.

Thanks for your input by the way. I appreciate it!

Have you been following this thread for long?

Afrikoin

legendary

Activity: 1540

Merit: 1003

alan watts is all you need

Quote from: kehtolo on December 01, 2016, 07:26:11 AM

Quote from: Afrikoin on December 01, 2016, 07:14:16 AM

Quote from: kehtolo on December 01, 2016, 07:05:13 AM

I've just been reading up on this.. and i think the authour has got two chart patterns mixed up into one.

There is a rising wedge pattern (bearish) and a rising triangle pattern (bullish) and they are two different things that look a bit similar.

What I'm seeing in this chart is a rising wedge pattern, which would be bearish. But it doesn't end there!

This applies just to the US$ exchanges.. Finex and Stamp..

When we look to China, Huobi shows an (almost perfect) symetric triangle.. which is also bullish.

"The resolution of a symmetric triangle is much less predictable however it is usually considered a "consolidation pattern" means that it will break in the direction of the trend that was in effect before the pattern appeared." - stockcharts.com
https://stockcharts.com/articles/chartwatchers/2015/09/ascending-triangle-bullish-or-ascending-wedge-very-not-bullish.html

OKCoin shows a similar symetric triangle but this has already broken to the Upside

China is leading.. as per usual and the west is following, in what seems like spurts. A little leg up.. indescision.. wait, watch China..move up again... imo, the whole market is watching China and reacting.

Then we have the fundamentals mentioned in the posted article (bitcoinaverage) ..India, China, SegWit, capital controls etc. Overall the picture is bullish, if you take your queues from China.

I see what you mean.

I try to be conscious of my bias. SO i had thought about both the bullish and bearish case below

I still think the trend is up, and even if we take a dip (to as low as $650, its a dip before more up.

See; What's the Difference Between an Ascending Wedge and an Ascending Triangle?
https://stockcharts.com/articles/decisionpoint/2015/04/whats-the-difference-between-an-ascending-wedge-and-an-ascending-triangle.html

(images snipped)

Yes, and I agree (i've read that article too!). Either we just go up to next resistance from here or one more leg down to support level (around $650 like you say) before moving up. This would be the extreme scenarion. I don't think it will/would drop that much. 700 looks to be good support. And if it does drop there 700-720.. then it would be a great entry point as a move up would be very very likely to follow.

agreed.

dip to $700 - $720

Lowest $650

Wise not to count on a low dip. Just hold and wait

kehtolo

hero member

Activity: 707

Merit: 500

Quote from: Afrikoin on December 01, 2016, 07:14:16 AM

Quote from: kehtolo on December 01, 2016, 07:05:13 AM

I've just been reading up on this.. and i think the authour has got two chart patterns mixed up into one.

There is a rising wedge pattern (bearish) and a rising triangle pattern (bullish) and they are two different things that look a bit similar.

What I'm seeing in this chart is a rising wedge pattern, which would be bearish. But it doesn't end there!

This applies just to the US$ exchanges.. Finex and Stamp..

When we look to China, Huobi shows an (almost perfect) symetric triangle.. which is also bullish.

"The resolution of a symmetric triangle is much less predictable however it is usually considered a "consolidation pattern" means that it will break in the direction of the trend that was in effect before the pattern appeared." - stockcharts.com
https://stockcharts.com/articles/chartwatchers/2015/09/ascending-triangle-bullish-or-ascending-wedge-very-not-bullish.html

OKCoin shows a similar symetric triangle but this has already broken to the Upside

China is leading.. as per usual and the west is following, in what seems like spurts. A little leg up.. indescision.. wait, watch China..move up again... imo, the whole market is watching China and reacting.

Then we have the fundamentals mentioned in the posted article (bitcoinaverage) ..India, China, SegWit, capital controls etc. Overall the picture is bullish, if you take your queues from China.

I see what you mean.

I try to be conscious of my bias. SO i had thought about both the bullish and bearish case below

I still think the trend is up, and even if we take a dip (to as low as $650, its a dip before more up.

See; What's the Difference Between an Ascending Wedge and an Ascending Triangle?
https://stockcharts.com/articles/decisionpoint/2015/04/whats-the-difference-between-an-ascending-wedge-and-an-ascending-triangle.html

(images snipped)

Yes, and I agree (i've read that article too!). Either we just go up to next resistance from here or one more leg down to support level (around $650 like you say) before moving up. This would be the extreme scenarion. I don't think it will/would drop that much. 700 looks to be good support. And if it does drop there 700-720.. then it would be a great entry point as a move up would be very very likely to follow.

Afrikoin

legendary

Activity: 1540

Merit: 1003

alan watts is all you need

How will SegWit Affect the Price of Bitcoin ?

https://medium.com/@michaelkimani/how-will-segwit-affect-the-price-of-bitcoin-b58d7c29cd9a#.v8yn4bgub

Afrikoin

legendary

Activity: 1540

Merit: 1003

alan watts is all you need

Quote from: kehtolo on December 01, 2016, 07:05:13 AM

I've just been reading up on this.. and i think the authour has got two chart patterns mixed up into one.

There is a rising wedge pattern (bearish) and a rising triangle pattern (bullish) and they are two different things that look a bit similar.

What I'm seeing in this chart is a rising wedge pattern, which would be bearish. But it doesn't end there!

This applies just to the US$ exchanges.. Finex and Stamp..

When we look to China, Huobi shows an (almost perfect) symetric triangle.. which is also bullish.

"The resolution of a symmetric triangle is much less predictable however it is usually considered a "consolidation pattern" means that it will break in the direction of the trend that was in effect before the pattern appeared." - stockcharts.com
https://stockcharts.com/articles/chartwatchers/2015/09/ascending-triangle-bullish-or-ascending-wedge-very-not-bullish.html

OKCoin shows a similar symetric triangle but this has already broken to the Upside

China is leading.. as per usual and the west is following, in what seems like spurts. A little leg up.. indescision.. wait, watch China..move up again... imo, the whole market is watching China and reacting.

Then we have the fundamentals mentioned in the posted article (bitcoinaverage) ..India, China, SegWit, capital controls etc. Overall the picture is bullish, if you take your queues from China.

I see what you mean.

I try to be conscious of my bias. SO i had thought about both the bullish and bearish case below

I still think the trend is up, and even if we take a dip (to as low as $650, its a dip before more up.

See; What's the Difference Between an Ascending Wedge and an Ascending Triangle?
https://stockcharts.com/articles/decisionpoint/2015/04/whats-the-difference-between-an-ascending-wedge-and-an-ascending-triangle.html

kehtolo

hero member

Activity: 707

Merit: 500

I've just been reading up on this.. and i think the authour has got two chart patterns mixed up into one.

There is a rising wedge pattern (bearish) and a rising triangle pattern (bullish) and they are two different things that look a bit similar.

What I'm seeing in this chart is a rising wedge pattern, which would be bearish. But it doesn't end there!

This applies just to the US$ exchanges.. Finex and Stamp..

When we look to China, Huobi shows an (almost perfect) symetric triangle.. which is also bullish.

"The resolution of a symmetric triangle is much less predictable however it is usually considered a "consolidation pattern" means that it will break in the direction of the trend that was in effect before the pattern appeared." - stockcharts.com
https://stockcharts.com/articles/chartwatchers/2015/09/ascending-triangle-bullish-or-ascending-wedge-very-not-bullish.html

OKCoin shows a similar symetric triangle but this has already broken to the Upside

China is leading.. as per usual and the west is following, in what seems like spurts. A little leg up.. indescision.. wait, watch China..move up again... imo, the whole market is watching China and reacting.

Then we have the fundamentals mentioned in the posted article (bitcoinaverage) ..India, China, SegWit, capital controls etc. Overall the picture is bullish, if you take your queues from China.

Afrikoin

legendary

Activity: 1540

Merit: 1003

alan watts is all you need