Cryptocurrencies are giving a false impression of moving in a random manner but are in fact forming a triangle pattern!
The triangle could break on either side but I think it is more likely to break to the upside as the triangle seems to be the B wave of an ABC pattern. The C wave would be equal in length to the A wave or 1.62 times the length of the A wave. Keep an eye on the breakout and a retest of the tip of the triangle.
Enjoy a long ride to the upside :)
The triangle could break on either side but I think it is more likely to break to the upside as the triangle seems to be the B wave of an ABC pattern. The C wave would be equal in length to the A wave or 1.62 times the length of the A wave. Keep an eye on the breakout and a retest of the tip of the triangle.
Enjoy a long ride to the upside :)
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ETHUSD
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Ripple
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BCHUSD
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Litecoin
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EOSUSD
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Watch out for a false breakdown before going up. That's why a retest of the support or resistance is important before entering a trade.
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A good lesson for me: Not to predict the direction of breakout before the breakout! Bitcoin and other cryptocurrencies broke down exactly from where my E wave of the triangle ended but I was expecting them to break up as I wrote: "The triangle could break on either side but I think it is more likely to break to the upside".