BTCUSD: Descending Triangle On 4hr Chart To Look Out For?
Updated
VPVR (Visible Range) shows median traded price at $9180 level with the support level of the descending triangle at $9020. Note this is also the 200 Day MA level, therefore this is not a short call. The measured move of -8.5% calculates the price target of $8250, which is another VPVR level of median price from the recent volume history from the breakdown of the Weekly descending triangle.
Nonetheless, a 4hr close below $9020 would be bearish with a Daily close below the 200 Day MA required to confirm bearish bias.
The descending triangle pattern will enter the breakout zone after 75% completion on November 5th 20:00 GMT.
Nonetheless, a 4hr close below $9020 would be bearish with a Daily close below the 200 Day MA required to confirm bearish bias.
The descending triangle pattern will enter the breakout zone after 75% completion on November 5th 20:00 GMT.
Note
Here is the view of the VPVR on the Daily chart, supporting the target of $8250.Order cancelled
Pattern invalidated after breakout to the upside. Notably the following candle wicked down to VPVR support, now trying to turn resistance trend-line into support.Note
Support turned resistance though.
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