Quick look - BTC still oscilating within the triangle
Here's a quick look at the BTC Daily chart . Bitcoin has been in a downtrend for a long time now and we could see a reversal soon.
BTC is currently at the bottom of the bigger symmetrical triangle and the price need to stay within the triangle to avoid further downside. If the price manages to break above the triangle and the resistance zone (above 48k ) then we could be heading back to the 60k zone after a long wait! But for now, nothing can be said for sure. The only thing we want to see at the moment is the price staying within the triangle and not breaking below it.
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What are triangles when it comes to trading?
Key points:
"1. In technical analysis , a triangle is a continuation pattern on a chart that forms a triangle-like shape.
2. Triangles are similar to wedges and pennants and can be either a continuation pattern, if validated, or a powerful reversal pattern, in the event of failure.
3. There are three potential triangle variations that can develop as price action carves out a holding pattern, namely ascending, descending, and symmetrical triangles."
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BTC dictates the market. If BTC falls, then Alts will fall as well. Trade safe!
BTC is currently at the bottom of the bigger symmetrical triangle and the price need to stay within the triangle to avoid further downside. If the price manages to break above the triangle and the resistance zone (above 48k ) then we could be heading back to the 60k zone after a long wait! But for now, nothing can be said for sure. The only thing we want to see at the moment is the price staying within the triangle and not breaking below it.
-------------------------------------------
What are triangles when it comes to trading?
Key points:
"1. In technical analysis , a triangle is a continuation pattern on a chart that forms a triangle-like shape.
2. Triangles are similar to wedges and pennants and can be either a continuation pattern, if validated, or a powerful reversal pattern, in the event of failure.
3. There are three potential triangle variations that can develop as price action carves out a holding pattern, namely ascending, descending, and symmetrical triangles."
-------------------------------------------
If you like the content, then make sure to comment and like the post :D
Follow me for daily profitable trading setups
BTC dictates the market. If BTC falls, then Alts will fall as well. Trade safe!
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