BitcoinUpdated BTC - H4 - TRIANGLE PATTERN IMPLICATIONS...
H4 : In an ongoing downtrend price action, far away below the clouds !
In addition, there is a symmetrical triangle formation in progress on which a breakout will give
the following implications :
UPSIDE BREAKOUT : + 5720 , Target around 56'000 (also clouds resistance area !)
DOWNSIDE BREAKOUT (expected !) : - 5720, Target around 42'500 (VERY IMPORTANT SUPPORT ZONE
FYI 41575 being the 38.2% Fib ret of the big 3850-64895 rally(see long term chart M1)
CONCLUSION :
Taking in account recent and current price action it is likely to see a downside breakout.
Therefore I would strongly suggest to monitor very closely price action in shorter time frames
to get intermediate clues and detect early trading signal (s)
Have a nice trading day
All the best
Take care
Ironman8848
In addition, there is a symmetrical triangle formation in progress on which a breakout will give
the following implications :
UPSIDE BREAKOUT : + 5720 , Target around 56'000 (also clouds resistance area !)
DOWNSIDE BREAKOUT (expected !) : - 5720, Target around 42'500 (VERY IMPORTANT SUPPORT ZONE
FYI 41575 being the 38.2% Fib ret of the big 3850-64895 rally(see long term chart M1)
CONCLUSION :
Taking in account recent and current price action it is likely to see a downside breakout.
Therefore I would strongly suggest to monitor very closely price action in shorter time frames
to get intermediate clues and detect early trading signal (s)
Have a nice trading day
All the best
Take care
Ironman8848
Note
Last H4 closing did not breakout the upside of the triangle yet.Therefore, we will have to wait the next H4 closing to have a first signal of
validation or invalidation of the potential upside breakout.
As told, it is very important to monitor very closely price action on shorter time frames to get intermediate important information about price action.
For example, on H1, BTC is facing the clouds resistance area, ahead of the ongoing downtrend line resistance and on M5 potential bearish divergence is currently in progress on RSI...
Note
Las H1 closing leve triggered a "doji" pattern = uncertainty & indecision !Reversal in progress on M30, M15 and M5
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Related publications
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.