Hey Guys,
While I was updating my running TA on BTC. I noticed that a Symmetrical Triangle has formed on the 4 hour.
4H MACD tells us that the momentum of the market is swinging towards the bears favor but the rate of change seems to be slowing down. I have a feeling that the next 2 bars will help define the next few days of trading.
As for resistance, we see multiple resistance levels converging. Notably the 50 EMA, the 50% Fib, top of falling channel (red dotted line). One the breakout, I am going to be targeting 13300. On the breakdown, I am going to be targeting the previous lows around 8,500 to 9,000.
While I was updating my running TA on BTC. I noticed that a Symmetrical Triangle has formed on the 4 hour.
4H MACD tells us that the momentum of the market is swinging towards the bears favor but the rate of change seems to be slowing down. I have a feeling that the next 2 bars will help define the next few days of trading.
As for resistance, we see multiple resistance levels converging. Notably the 50 EMA, the 50% Fib, top of falling channel (red dotted line). One the breakout, I am going to be targeting 13300. On the breakdown, I am going to be targeting the previous lows around 8,500 to 9,000.
Note
Still trading within the channel. If BTC can hold I see this as a full reversal and will start looking for long positions.
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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.