Large Bitcoin Triangles: They are no good
Weekly RSI: ~86
Consider that many BTC triangles in a 4h structure play to the downside (observable). That's not making any suggestions on what will happen next. Also consider that the RSI isn't the end game indicator. Do consider, that these larger neutral patterns often act as reversals, especially after a considerate run to the upside, investors are looking for value to buy, while other investors who have bought may look to take profits. These two factors can make moves to the downside devastating, but also very tradable. it is entirely possible that BTC breaks upwards in some fashion. I'm happy to be wrong on this one, and am going be on the short side, looking to take profit around $28,000
Consider that many BTC triangles in a 4h structure play to the downside (observable). That's not making any suggestions on what will happen next. Also consider that the RSI isn't the end game indicator. Do consider, that these larger neutral patterns often act as reversals, especially after a considerate run to the upside, investors are looking for value to buy, while other investors who have bought may look to take profits. These two factors can make moves to the downside devastating, but also very tradable. it is entirely possible that BTC breaks upwards in some fashion. I'm happy to be wrong on this one, and am going be on the short side, looking to take profit around $28,000
Note
going well so far. Slow but steady. Stop loss around 36400.Note
closed with profit at 29,500. flipped long.
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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.