Symmetrical triangle forming on btc? Still chance for bulls?
Updated
A symmetrical triangle has been forming on btc usd for almost more than a month now. Symmetrical triangles are a NEUTRAL PATTERN ie they are not bullish or bearish till a breakout is confirmed.
Don't let the dump from 10.6k fool you - Daily support level has not been broken yet, and there is no lower low yet on the higher timeframes.
As you can see we are right at the bottom of the symmetrical triangle , And we are also near a daily support. I am hoping for a bounce at these levels. I am not going to have a bearish bias till 9.4k area breaks on the 4h atleast with good volume.
There is a fib level at 10,100 area. If we start closing 4h candles above 10,100, you can be sure that we are going back much higher.
A break below 9.5k area on the daily support levels means that btc has turned quite bearish and is likely headed towards 8k area. Trading the breakout is a perfectly viable option here.
Watch these key levels - Daily 9.5k area should hold for bulls - For bears if price starts closing above 10.1k on 4h time frame - it might mean price could go higher.
All the best to everyone!
Don't let the dump from 10.6k fool you - Daily support level has not been broken yet, and there is no lower low yet on the higher timeframes.
As you can see we are right at the bottom of the symmetrical triangle , And we are also near a daily support. I am hoping for a bounce at these levels. I am not going to have a bearish bias till 9.4k area breaks on the 4h atleast with good volume.
There is a fib level at 10,100 area. If we start closing 4h candles above 10,100, you can be sure that we are going back much higher.
A break below 9.5k area on the daily support levels means that btc has turned quite bearish and is likely headed towards 8k area. Trading the breakout is a perfectly viable option here.
Watch these key levels - Daily 9.5k area should hold for bulls - For bears if price starts closing above 10.1k on 4h time frame - it might mean price could go higher.
All the best to everyone!
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a 4h closing below 10.1k again will be quite bearish. Daily charts are very bearish RN. Unless btc goes back above 10.6k i choose to see this chart with a bearish bias.
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Very very boring few days for btc. So the green area is the big area to watch. Area between 10k - 10.2k is crucial. Already so many fakeouts have happened.
Nonetheless i will add a short position if btc closes below 10k on the 4h, Or will go long if btc closes above 10.2k on the 4h timeframe..Just waiting...
But remember - As long as btc stays below 10.6k on the daily - there is NO technical Reason to be bullish.
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so close to breaking upwards..lets see if something happens now!.. getting tired of this range...
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took a short position right at 10243 after failing to break resistance. Gonna hold on to it till we go above that level again. We are back to the cancer range near 10k lets see if it breaks this time.Comment
All supports broken.
9.4k last line of defense - if that breaks it will be crazy. I am short from 10,250 area. Not a bad position to be in RN. Whether it re-tests 10.1k again is anyone's guess..But i think if the move is powerful it could just go straight down without re-testing. Just have to wait and watch i guess.
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I will be watching 9k level very closely. The weekly 21 EMA comes there, Let's see if it will provide relief for bulls or whether this goes further down.
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If this goes above 9.7k i am gonna start looking back at higher levels again. Not liking btc being unable to break 9.4k tbf.
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Ok i am gonna take profits here and wait this out. Either i will take a trade after 9.4k breaks or 9.7k breaks. I don't like this thing dragging its feet and struggling to break 9.4kComment
I will take a trade based on the test @ 9.7k..Just holding for now -_- I am not at all liking how everyone is bearish and 9.4k has still held strong.Comment
Ok im out of my short and chose to take profits to avoid the chance of getting another bart up. Not my proudest trade, But i will try and make my next move based on how the 9k level reacts on the weekly TF.9.4k and 9.7k levels to watch.
Expecting major weekend manipulation.
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Shorted 9580, gonna be managing my risk based on 9.6k level..Mostly hoping for a short term trade..But we will see what happens.Comment
Long from 9580 now just basically switch positions./..Comment
I am overtrading RN and making really shit decisions..If this long does not work out and forces me out i am not getting into further positions until a proper setup comesComment
TBF i am not going to be entering any trades until one of these levels get tested.
Either 9.7k or 9.1k. 9.4k is a pseudo support - they could trap all the bulls and then run their stops at 9.1k.
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Ok long term this is bullish news because we've held 9.4k very well. But big problem now is that no significant stop hunt has taken place on btc yet for this price to go up a significant amount. I am currently long But i will manage this trade on the lower TF's. If lower TF's looks like it might dip, I am out, I am playing this with a very tight stop. I dont like how this is going up without testing significantly below 9.4k. (9k range.)
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