Options Expiry on Friday - Advantage to Bears to Keep Price Below $60k till then.
- Descending Triangle after a move down usually indicates reversals despite being a bearish pattern.
- Daily RSI has confirmed a bull div within the triangle.
It's likely to be a green weekend for either (a) or (b):
(a) Flips ~$61k back to support to new ATH at ~$77k.
(b) ~$61k rejects for a final retest of 111D MA at $53k.
Invalidated if triangle breaks to the downside.
Note
16h left till daily close but with that rejection, a 4-point falling wedge is can now be confirmed. Buy closer to the bottom of the triangle for best R/R. Trade closed: target reached
See latest idea.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.