Descending triangle indicates us the bearish trend continuation
After reaching his peek in june, ZECBTC has seen its price fallen and fallen and fallen and the trend is nowhere near to end. After entering in a descending channel, price has done a descending triangle INSIDE the descending channel, which indicates the pressure the sellers are putting into this pair. The resistance at 0.045 is about to break due to this high pressure. I'm expecting a small retest on the old resistance now support AND/OR on the trend. On top of that, we can clearly see a hidden RSI divergence, which gives us an other indicator that the trend is going to continue despite the resistance.
If the descending triangle is broken to the upside, enter long instead of short, but again, I really don't think it will happen since the sellers are in complete control right now.
If the descending triangle is broken to the upside, enter long instead of short, but again, I really don't think it will happen since the sellers are in complete control right now.
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.