Quote from: aardvark15 on September 29, 2018, 10:41:58 PM

I have to somewhat agree that the chart for Bitcoin seems bearish right now. I know that's not what we want to believe, but a descending triangle is a bearish signal. Charting is not an exact science and I am definitely no expert, but I have been following several supposed experts (not CNBC) and they are mostly saying that the chart is still showing to be bearish until it proves otherwise.

i hear that. descending triangles are considered bearish, but it's definitely not guaranteed to break down. per thomas bulkowskis backtesting, they break down less than 2 out of 3 times:

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Breakout: Can be in any direction but is downward 64% of the time.

plus, it doesn't seem like a proper descending triangle to me since the bottom isn't horizontal. it's more like a wedge, given the lower low in june. the falling wedge is a bullish pattern. Wink

we'll just have to wait and see which way it breaks.