Hey guys, as I have said in earlier posts I still believe another down movement of fairly big proportions is coming and some people think the CME Bitcoin Futures Contract for January settling on the 31st is a non-event, and we all have our opinions. I personally believe that in an unregulated market manipulation is not only possible but inevitable.
Anyway, in the image below I have illustrated how the pattern which has more or less fully formed on the BTCUSD Coinbase chart is a textbook example of a Symmetrical Triangle. This is a continuation pattern and therefore even if you do not believe Futures Traders are manipulating the market, this is a clear as day Bearish Continuation Pattern:
Quite frankly if we do not see a break out of the triangle to the down side I will be astonished.
Let me know what you guys think as I always enjoy reading your comments on the matter! Thanks for reading.
Legal Disclaimer: Remember this is just my analysis and not to be taken as professional financial advice. Do your own research beyond what you read in my blog posts and make your own decisions based on your beliefs about what to invest your money in.