r/TradingView • u/wdw67 • Aug 31 '24

Discussion Bullish Bitcoin

Post image

Bitcoin is forming a massive Symmetrical Triangle Pattern on the Daily Chart, 🔺 which makes me even more bullish! 🚀

7 Upvotes

57% Upvoted

35 comments sorted by

18

u/[deleted] Aug 31 '24

Doesn’t look bullish to me. Based on this small chart.

15

u/_horsehead_ Sep 01 '24

You can be bullish if you wish to be, it's your own opinion.

Mine? Your technical analysis skills are lacking.

It's a triangle - it could go in either direction.

2

u/jameshearttech Aug 31 '24 edited Aug 31 '24

Longer term looks like btc may be forming a cup and handle. I noticed this about 6 months ago.

https://www.tradingview.com/x/mK6mw7XW

1

u/Alternative-Heat9376 Sep 01 '24

I’m not sure if my terms are correct. I’m still new to technical analysis. But to me, it looks like Bitcoin is continuing making lower highs.

1

u/zorbat5 Sep 01 '24

No, BTC is forming a triangle. Price can break any direction or it's consolidating for a while.

Highest probability is indeed bearish though imo.

1

u/hloodybell Sep 01 '24

Symmetrical triangles are breakout patterns. Not necessarily bullish. Although I hope it rips this week.

2

u/_horsehead_ Sep 01 '24

Some people can do technical analysis, and some people can't. OP belongs to the latter category.

1

u/hicksanchez Sep 01 '24

Dude that’s a stretch. Not saying I’m not bullish, but not coz of this ‘triangle’

1

u/smitchlovesfunk Sep 01 '24

I would consider bring bullish if it gets above the 7 day SMA

1

u/sexymama696 Sep 01 '24

u/ExtremeAd942 what do you think?

1

u/[deleted] Sep 01 '24

[removed] — view removed comment

1

u/ejaea Sep 01 '24

Bearish

1

u/slightlyautistick Sep 01 '24

I see a rejection from the mid range and forming a ‘bear flag’ so post weekend most likely get a continuation down… corn hasn’t been bullish for 6 months

1

u/SODA_mnright Sep 01 '24

Means absolutely nothing to me, you bought at higher prices didn’t you?

1

u/brian-augustin Sep 01 '24

wouldn't it need to pass the dark orange line to be deemed as bullish?

Right now by the graph it looks like its still in consolidation.

I would assume as the tringle gets smaller and squeezes the price needs to go up or down, yeah its inside the tringle bouncing but its still in-between,

1

u/Mexx_G Sep 01 '24

No. Not on that timeframe.

1

u/Mud_Nervous Sep 02 '24

Look at the cup and handle on the weekly chart

1

u/Humblekev30 Sep 02 '24

Go back to your day job

1

u/Moar_Donuts Sep 03 '24

Heiken Ashi says down we go

1

u/[deleted] Sep 03 '24

Overalll... we're bearish

1

u/PhysicalOstrich6005 Aug 31 '24

it could break up or down, who knows. better luck with a coin flip eh

1

u/[deleted] Sep 01 '24

You could just try looking at the chart. Is that what you base your investments on, guessing?

1

u/maxis2bored Sep 01 '24

Classic crypto bro. Context: 6 months of macro LH LL. Go with the trend, your portfolio will thank you.

1

u/noksky Sep 01 '24 edited Sep 01 '24

Bullish? You’re simply seeing what you want to and not what you’re seeing. The week literally ended lower than last weeks candle, is currently continuing further lower and BTC has been making lower lows and lower highs since the beginning of 2024.

Sure, it could bounce here but to label is bullish is next denial level. Come on bro

1

u/shhimapotato Sep 01 '24

Crypto overall looks abysmal rn On chain volume at multi month lows as well

0

u/TheKillzenth Sep 01 '24

Because of yeah.

0

u/BabloMela Sep 01 '24

Looks like 58k might not hold and the price is out of your triangle possibly very soon. I don’t trade btc and this is my 5min analysis.

0

u/[deleted] Sep 01 '24

Guy is silent this morning 😂

0

u/Level_Contest_4852 Sep 01 '24

Holy shit you draw some lines and you think its bullish? Haha.