Thoughts on this photo? I have been noticing a lot of coins that are currently in descending triangle/wedge pattern.
Here are a few to take a look at.
They have all been making lower lows for the past 2 months. Will they breakout? Its possible that we could have another Bitcoin runup similar to the one from 5900 to 10k, instead from 11k to 15k.
After all, what goes down usually goes up at one point or another in crypto...
Disclaimer: (I am not a financial advisor, do your own due diligence when investing in cryptocurrencies. This is just my speculative opinion.)
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Altcoins seem intimately tied in with BTC. When BTC breaksdown the alts can have serious volume and liquidity issues. It's hard to tell right now with so much manipulation of the BTC/USD, but I think we are right on the verge of either an inverted head and shoulders breakout or a rising wedge breakdown. I think probably the latter and if so, the alts are screwed...
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I agree with you, I although I do think an inverted H&S breakout is coming rather than a rising wedge. But obviously anything could happen but 12k should be the confirmation of a bull market if the inverted H&S comes out to be true. I did see a rising wedge TA post earlier and it the pattern looked near identical to one so I wont count that out.
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Informative post:-)Check out mine at https://steemit.com/life/@khadija14/5-things-we-do-that-make-us-unhappy
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Thanks for your contribution @marcopagan, you got a 5.88% upvote from @canalcrypto!
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You got a 8.63% upvote from @sleeplesswhale courtesy of @marcopagan!
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you could be right.
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Hopefully! A lot of these altcoins are bottoming out so I wouldn't be surprised if we saw some breakouts occurring soon. Followed you since I see you do crypto stuff as well!
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You got a 2.16% upvote from @getboost courtesy of @marcopagan!
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