Tuesday , August 20 2019
Home / Lance Roberts Real Investment Advice / Watch This Bitcoin Triangle

Watch This Bitcoin Triangle

Summary:
In October, I wrote a Forbes piece called “Why Bitcoin May Make A Powerful Move Soon.” In that piece, I showed how Bitcoin was forming a descending triangle pattern that was likely to result in another major move once the cryptocurrency broke out from it (either up or down). A few weeks later, Bitcoin plunged 50% from approximately ,500 to ,250. Since early-December, Bitcoin has been consolidating around the key ,000 level as die-hard fans believe that the digital currency is cheap and has found a bottom. According to my analysis, however, Bitcoin is forming another triangle pattern and is likely to make another big move once a breakout occurs. Bitcoin is still in a confirmed downtrend and a breakdown from this pattern would likely foreshadow the cryptocurrency hitting the low

Topics:
Jesse Colombo considers the following as important: ,

This could be interesting, too:

Lance Roberts writes The “Trade War” Is Over, Trump Just Doesn’t Realize It Yet.

Matt Jackson writes Bitcoin Prices Still Laboring at Around ,400

Andriy Moraru writes Commodities Technical Analysis, August 19th — August 23rd

Lance Roberts writes Pay Attention To The Message The Yield Curve Is Sending 08-16-19

In October, I wrote a Forbes piece called “Why Bitcoin May Make A Powerful Move Soon.” In that piece, I showed how Bitcoin was forming a descending triangle pattern that was likely to result in another major move once the cryptocurrency broke out from it (either up or down). A few weeks later, Bitcoin plunged 50% from approximately $6,500 to $3,250.

Since early-December, Bitcoin has been consolidating around the key $4,000 level as die-hard fans believe that the digital currency is cheap and has found a bottom. According to my analysis, however, Bitcoin is forming another triangle pattern and is likely to make another big move once a breakout occurs. Bitcoin is still in a confirmed downtrend and a breakdown from this pattern would likely foreshadow the cryptocurrency hitting the low thousands or even under $1,000, eventually.

Watch This Bitcoin Triangle

The longer-term chart shows the now-broken descending triangle and the triangle that is currently forming. If Bitcoin breaks down from the current triangle, the downtrend will continue as the digital currency further erases its gains made during the 2017 cryptocurrency bubble.

Watch This Bitcoin Triangle

For now, I am watching which way Bitcoin breaks out from the triangle that is currently forming.

Please follow me on LinkedIn and Twitter to keep up with my updates.

Please click here to sign up for our free weekly newsletter to learn how to navigate the investment world in these risky times.

Jesse Colombo
Analyst at Clarity Financial & Forbes contributor. Warns about dangerous bubbles. Recognized by the London Times for predicting the 2008 Financial Crisis.

Leave a Reply

Your email address will not be published. Required fields are marked *