BTC returns to the triangle.
Updated
On this daily chart BTC has formed a descending triangle.
These triangles have a habit of breaking down 64% of the time, volume goes down up to the moment it breaks out in a downward motion.
On an average these triangles break out around 64% of the apex length. the most powerful breakouts happen in the 80 to 85% apex area.
Ive started drawing this triangle a few weeks back, and seeing it getting broken to the top I was hoping to get bullish. Today BTC returned to the edge of this triangle.
If we return to the bottom of the triangle support will be pretty weak, lets just hope i am wrong and we wont get there.
Happy trading & don't fomo! :)
These triangles have a habit of breaking down 64% of the time, volume goes down up to the moment it breaks out in a downward motion.
On an average these triangles break out around 64% of the apex length. the most powerful breakouts happen in the 80 to 85% apex area.
Ive started drawing this triangle a few weeks back, and seeing it getting broken to the top I was hoping to get bullish. Today BTC returned to the edge of this triangle.
If we return to the bottom of the triangle support will be pretty weak, lets just hope i am wrong and we wont get there.
Happy trading & don't fomo! :)
Note
We broke the bottom..lets see if the daily will close here. If it closes here,its going to be a long way down then.
Trade active
Yet an other triangle update.Btc. still running this trangle only it did stretch it out.
looking at the size of the trangle and the percentage show in the orange price range.
The next break out could tak an other 40% of the price of BTC.
this would bring us in the 4000 range.
let's see if the buls can turn this around before we get there..
good-luck trading and as alway's don't FOMO!
Note
getting scarry...
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