I took the liberty to draw up something that may appear as a "bullish" pattern to most. However, it may be an illusion. Perhaps it appears to look like something that isn't quite right.
According to Edwards & Magee 9th Edition chapter 8 page 99, triangles can behave "properly" 66% of the time and they don't 1/3 of the time. Therefore I need to keep that in mind especially since it occurred in bitcoin in the prior month at the top.
In my humble opinion.
Comment:
Ok that's enough for now. Below I posted patterns along with follow ups.
All The Best!
All The Best!
Comment:
Below I had marked:
What appears to look like a ST will also experience an undershoot.
Price appears to be at the "undershoot" stage at the moment, in my humble opinion..........
What appears to look like a ST will also experience an undershoot.
Price appears to be at the "undershoot" stage at the moment, in my humble opinion..........
Comment:
So how is that "bullish symmetrical triangle/continuation pattern" doing?
Not well I see.
Distinguishing the subtle differences within pattern structures is key.
Price pulled and closed beneath the 50 DMA(daily chart), then tested it and got rejected as well.
Perhaps the "Devine" is teaching MS a lesson for trying to market his enthusiasm by crossing the line and calling bitcoin Devine.
You can check out my comments on the subject under the idea title:
MICROSTRATEGY On The Verge Of A Potential Price Collapse?
Stay tuned............
In my humble opinion............
Not well I see.
Distinguishing the subtle differences within pattern structures is key.
Price pulled and closed beneath the 50 DMA(daily chart), then tested it and got rejected as well.
Perhaps the "Devine" is teaching MS a lesson for trying to market his enthusiasm by crossing the line and calling bitcoin Devine.
You can check out my comments on the subject under the idea title:
MICROSTRATEGY On The Verge Of A Potential Price Collapse?
Stay tuned............
In my humble opinion............
Comment:
Here is another potential pattern that may be in the works rather than what appeared to be a symmetrical pattern. It's called a Bump-and-Run Reversal.
I'll post it down below in order to manage the space in this section.
I'll post it down below in order to manage the space in this section.
Comment:
I would like to update this idea simply by quoting a part and or parts of an article that has been published today.
"Thielen responded, “Actually, no. We have been cautious since March 8, and when the triangle breakout failed, we worked with the $68,300 stop loss."
April 16 2024 : ‘We Sold Everything Last Night’, Reveals Crypto Research Firm
"Markus Thielen of 10x Research unveiled a significant shift in his crypto strategy in response to mounting financial pressures and market instability, as detailed in an investor note released earlier today. Thielen, an influential figure in the analysis sector, cited a concerning outlook on risk assets, which encompasses both technology stocks and cryptocurrencies, primarily driven by unanticipated and ongoing inflation rates."
“Our growing concern is that risk assets are teetering on the edge of a significant price correction,” Thielen stated in the note. “We sold all our tech stocks last night as the Nasdaq is trading very poorly and reacting to the higher bond yield. We only hold a few high-conviction crypto coins. Overall, we are bearish on risk assets.”
In a notable exchange with Matthew Graham of Ryze Labs, Thielen defended his firm’s trading strategy amid criticism for what was described as erratic decision-making. Graham pointed to recent fluctuations in 10x Research’s stance on Bitcoin, citing a research note from early April that predicted a potential rally to $80,000, followed by a more cautious view and the recent sell-off.
Thielen responded, “Actually, no. We have been cautious since March 8, and when the triangle breakout failed, we worked with the $68,300 stop loss. This is simply risk-reward trading.” This defense highlights the volatile nature of crypto trading and the necessity for agile strategies in response to rapidly changing market conditions."
end quote.
REQUOTE:
"Thielen responded, “Actually, no. We have been cautious since March 8, and when the triangle breakout failed, we worked with the $68,300 stop loss."
BINGO! What???
You read it, I didn't invent it. Requote: "when the triangle breakout failed"
There you have it, a quant checking out "triangles" and apparently making decisions based upon it!
Quote:
"Markus Thielen is the Head of Research at 10x Research. He also writes Research for Matrixport, a leading digital-asset investment firm. Before joining Matrixport, Markus was the Chief Investment Officer for IDEG Asset Management, and prior to that he was the founder and Chief Investment Officer at Jomon Investment Management. Previously Markus was a Portfolio Manager at Millennium Capital Partners and at JP Morgan's Investment Group. He started his career at Morgan Stanley, where he set up and ran the Quant & Derivatives Strategies Group in Asia. Markus has a degree from the ESCP Business School in Paris and a Certificate in Sustainable Finance from the University of Cambridge."
"
In my humble opinion.............
"Thielen responded, “Actually, no. We have been cautious since March 8, and when the triangle breakout failed, we worked with the $68,300 stop loss."
April 16 2024 : ‘We Sold Everything Last Night’, Reveals Crypto Research Firm
"Markus Thielen of 10x Research unveiled a significant shift in his crypto strategy in response to mounting financial pressures and market instability, as detailed in an investor note released earlier today. Thielen, an influential figure in the analysis sector, cited a concerning outlook on risk assets, which encompasses both technology stocks and cryptocurrencies, primarily driven by unanticipated and ongoing inflation rates."
“Our growing concern is that risk assets are teetering on the edge of a significant price correction,” Thielen stated in the note. “We sold all our tech stocks last night as the Nasdaq is trading very poorly and reacting to the higher bond yield. We only hold a few high-conviction crypto coins. Overall, we are bearish on risk assets.”
In a notable exchange with Matthew Graham of Ryze Labs, Thielen defended his firm’s trading strategy amid criticism for what was described as erratic decision-making. Graham pointed to recent fluctuations in 10x Research’s stance on Bitcoin, citing a research note from early April that predicted a potential rally to $80,000, followed by a more cautious view and the recent sell-off.
Thielen responded, “Actually, no. We have been cautious since March 8, and when the triangle breakout failed, we worked with the $68,300 stop loss. This is simply risk-reward trading.” This defense highlights the volatile nature of crypto trading and the necessity for agile strategies in response to rapidly changing market conditions."
end quote.
REQUOTE:
"Thielen responded, “Actually, no. We have been cautious since March 8, and when the triangle breakout failed, we worked with the $68,300 stop loss."
BINGO! What???
You read it, I didn't invent it. Requote: "when the triangle breakout failed"
There you have it, a quant checking out "triangles" and apparently making decisions based upon it!
Quote:
"Markus Thielen is the Head of Research at 10x Research. He also writes Research for Matrixport, a leading digital-asset investment firm. Before joining Matrixport, Markus was the Chief Investment Officer for IDEG Asset Management, and prior to that he was the founder and Chief Investment Officer at Jomon Investment Management. Previously Markus was a Portfolio Manager at Millennium Capital Partners and at JP Morgan's Investment Group. He started his career at Morgan Stanley, where he set up and ran the Quant & Derivatives Strategies Group in Asia. Markus has a degree from the ESCP Business School in Paris and a Certificate in Sustainable Finance from the University of Cambridge."
"
In my humble opinion.............
I thank you for your support and understanding.....
All The Best!