We have a bearish triangle on BTC chart (as noted by Mr. Peter Brandt) - and it is a well described typical pattern. However, when a triangle delays to produce a breakout, the pattern loses strength.
According to the book "Techinical Analysis of Stock Trends", the breakout must occur between half and three quarters for the pattern to produce the expected effects (in this case, support line disruption - or support region, between 9.1 ~ 9.3k). The base of the triangle measures 92 days. Three quarters of that would be 69 days (September 3). We are now on the 76th day.
A break down of the 9.1 ~ 9.3k is unlikely - but not impossible. Maybe we will see a retest of this support before a decision.
According to the book "Techinical Analysis of Stock Trends", the breakout must occur between half and three quarters for the pattern to produce the expected effects (in this case, support line disruption - or support region, between 9.1 ~ 9.3k). The base of the triangle measures 92 days. Three quarters of that would be 69 days (September 3). We are now on the 76th day.
A break down of the 9.1 ~ 9.3k is unlikely - but not impossible. Maybe we will see a retest of this support before a decision.
