Quote from: dragonvslinux on November 03, 2019, 08:15:43 PM

Quote from: exstasie on November 03, 2019, 08:08:24 PM

Quote from: dragonvslinux on November 03, 2019, 07:36:17 PM

Yup. Not too difficult since the charts are littered with them and 75-80% turn out to be bearish patterns to make more satoshis from Cheesy

Thomas Bulkowski disagrees.

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Breakout: Can be in any direction but is upward 53% of the time.

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If price rises into the pattern it breaks out upward 63% of the time.

Where does it says Thomas disagrees with this theory?

His numbers show descending triangles aren't generally bearish patterns. My anecdotal experience agrees with him. The preceding trend is much more important in determining bullish/bearish bias.

Quote from: dragonvslinux on November 03, 2019, 08:15:43 PM

As far as I can tell, this backtesting has nothing to do with Bitcoin. I assume it's regarding traditional markets?

Yes.

Chart patterns are a form of fractal analysis. They are an analysis of market psychology, not fundamentals. Like all TA, they are equally applicable to all markets. There's no logic to support this idea that chart patterns act drastically different on BTC than every other market.

Quote from: dragonvslinux on November 03, 2019, 08:15:43 PM

I was referring to studying Bitcoin's descending triangles, couldn't care about the rest, it's must less predictable.

There is no data to prove that point. Most of the examples in your thread don't actually meet the definition of a descending triangle.

At the daily or higher, there is only one textbook example of a descending triangle in Bitcoin's history: the 2018 triangle. And like most triangles would be expected to be, it was a continuation pattern. It was preceded by a crash and followed by one.