BTC Tightening Range - Breakout Ahead
Weekly Bullish Market Structure has been maintained.
- A full 100% retrace has occurred and support has been respected
Moving Averages are squeezing together and price action is getting tighter and tighter within Descending Triangle price pattern.
(consolidation pattern)
There are SEVERAL wicks showing Seller's Exhaustion by the Weekly Support area.
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Price is near support and an excellent risk / reward opportunity is present. So far, price on the Daily timeframe is also bullish as far as market structure and H4 trend is transitioning into a Bullish Trend. For a long, stops would go below the Descending Triangle price pattern. TP would variable, as long a bullish market structure is maintained on the Daily/Weekly timeframe the orders could still be held to maximize profits.
- A full 100% retrace has occurred and support has been respected
Moving Averages are squeezing together and price action is getting tighter and tighter within Descending Triangle price pattern.
(consolidation pattern)
There are SEVERAL wicks showing Seller's Exhaustion by the Weekly Support area.
___
Price is near support and an excellent risk / reward opportunity is present. So far, price on the Daily timeframe is also bullish as far as market structure and H4 trend is transitioning into a Bullish Trend. For a long, stops would go below the Descending Triangle price pattern. TP would variable, as long a bullish market structure is maintained on the Daily/Weekly timeframe the orders could still be held to maximize profits.
Note
In summary: details from Technical Analysis currently show more bullish details vs bearish details
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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.