BTC breakout is imminent!
Here's a quick look at the daily BTC chart. As we can see, the bearish trend continues, and the price has been trading within a descending triangle formation for some time now. If the price breaks below the descending triangle , then the price will very likely end up at 14K! The price must stay within the triangle to avoid further downside!
I must add that SPX500 is down a lot, and BTC hasn't followed up yet. We may see a big move from BTC in the coming days. I'm expecting the 18k support to be broken very soon. I still hold my stance of sub-13k BTC!
Also, the volume has been increasing while the price has been decreasing! This is a bearish sign as well!
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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. three potential triangle variations 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!
I must add that SPX500 is down a lot, and BTC hasn't followed up yet. We may see a big move from BTC in the coming days. I'm expecting the 18k support to be broken very soon. I still hold my stance of sub-13k BTC!
Also, the volume has been increasing while the price has been decreasing! This is a bearish sign as well!
-------------------------------------------
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. three potential triangle variations 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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