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/biz/ - Business & Finance

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10985725 No.10985725 [Reply] [Original]

"For the descending triangle, the horizontal line represents demand that prevents the security from declining past a certain level. It is as if a large buy order has been placed at this level and it is taking a number of weeks or months to execute, thus preventing the price from declining further. Even though the price does not decline past this level, the reaction highs continue to decline. It is these lower highs that indicate increased selling pressure and give the descending triangle its bearish bias."

https://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:descending_triangle_continuation

Based on this site, and investopedia, the target would be lower support line minus the difference between the upper and lower supports, which funny enough works out to be:

6000 - (11,850-5800) = 0

The last part was more of a joke, regardless, thoughts?

>> No.10985777

brainlet here. do a non joke sum of how low this shit is going to go.

>> No.10985794

>>10985777
The calculation for the target was taken from stockcharts and investopedia.

The "joke" is that it ended up being $0. I'm not good at TA - wanted some thoughts overall on why this isn't a descending triangle.

>> No.10985800

>>10985725
Meme lines are good until they stop working and then you have to make new meme lines

>> No.10985866

>>10985794
It is a descending triangle. 64% of the time it breaks down. If bullish news like ETFs getting approved and more wall street shit like trading desks and custody hits though, it may be that 36% chance of breaking up.

In summary, my thoughts are it will either go up or go down or go sideways till next year and slowly creep back up.

>> No.10985873

>>10985800
yeah. the apex of this triangle keeps getting redrawn.

>> No.10985907

>>10985866
>>10985873
Thanks for the response. Assuming there is no bullish news (ETF, ect), what do you think is reasonable for the break out?

$2-3k seems realistic considering this knowledge.

>> No.10985916
File: 92 KB, 762x830, btc-prediction-eoy-06-09-18.png [View same] [iqdb] [saucenao] [google]
10985916

>>10985725
Roger Ver is a complete faggot who gave free blowjobs in prison. Thoughts?

>> No.10985981

>>10985907
I would just be guessing what the bottom would be, like everybody else.

>> No.10986010

If this higher low holds, we could be beginning the sideways move slowly upwards already.

Notice most people are bearish (inc me), just like most people were bullish end of December. How often are the majority of traders correct, especially amateur ones like us?

>> No.10986019

>>10986010
im right about 60% of the time by just using volume, rsi, and bbands to trade. profitable enough.

>> No.10986033

>>10985800
This

>> No.10986166

>>10986010
Sideways move up as in the descending triangle is null / void?

>> No.10986172
File: 8 KB, 222x227, 1534520752919.jpg [View same] [iqdb] [saucenao] [google]
10986172

>>10986166
Bull trap.

>> No.10986770

>>10986172
Brainlet

>> No.10986930

>>10985725
This is a certified hood classic.