If there is one thing that we can expect from markets, any market, is this: the more obvious an opportunity or chart pattern the higher the probability of a different outcome. If we look at XRP our stance is that the more naysayers and XRP-haters the higher the profit potential. If we look at the BTC chart the whole world was looking at the same triangle pattern. It was so obvious of a pattern that BTC did exactly the opposite: it did invalidate this triangle pattern this week, obviously. It was getting too obvious, everyone was tweeting and sharing the same pattern. It simply could not resolve in this too obvious pattern.
So BTC made it clear: it will not do what the most obvious thing is.
So then what is next?
We saw this coming, and started sensing at a certain point that it was all too obvious. We explained this last week in Is Bitcoin’s Price Trying Break Out Or Down Going Into 2020?
It is in essence what we called ‘scenario 2’ that seems to be the dominant trend: a falling triangle with ultimate resolution date November 1st, 2019. That’s in 5.5 weeks from now.
Anything may happen in the meantime, BTC may decide to break out and move higher. Or it will stay on its path as explained above in which case we’ll face a similar situation in a month from now: too obvious of a pattern that may get invalidated again.
The nature of this type of setup is mostly not bullish. But the whole point is that this is happening in the context of a new powerful uptrend + Bitcoin has a track record of resolving this pattern in a bullish outcome in the last 10 years.
So yes there is hope, more than hope, for crypto bulls! The bullish outcome is still the most favorable one with a higher probability than the bearish outcome.