Descending Triangles within a Larger Descending Triangle - $2200
I believe we're forming yet another descending triangle.
If we look back at the larger descending triangle that we broke in 2018, we achieved the % measured move to our recent low of $3150. The bigger pattern is a falling wedge. If we play out the measured % move of the new descending triangle, our target will be $2200 which falls in line with previous support during the 2017 bull run.
In addition, the previous 2015 low was 86.9% drop from the peak. If we use the same percentage, that will take us to a low of $2600. There is a lot of confluence that shows a bottom in the 2k range.
If we look back at the larger descending triangle that we broke in 2018, we achieved the % measured move to our recent low of $3150. The bigger pattern is a falling wedge. If we play out the measured % move of the new descending triangle, our target will be $2200 which falls in line with previous support during the 2017 bull run.
In addition, the previous 2015 low was 86.9% drop from the peak. If we use the same percentage, that will take us to a low of $2600. There is a lot of confluence that shows a bottom in the 2k range.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.