BTCUSD: Stuck In A Symmetrical Triangle Ready To Break On 1 Hr
Diupdate
For over a day and a half Bitcoin has formed a symmetrical triangle against the dollar, while being stuck between the 200 Day MA and the 200 Day EMA. The symmetrical triangle is 52 bars (2d4h) long with 75% completion working out as 39 bars (1d15h) - the current hourly candle. Notably the 200 Day MA is no longer in the triangle, so a retest would therefore breach the triangle pattern. I'm therefore now looking for a small move 6%+ in either direction, likely retesting the breakout levels (or the end of the symmetrical triangle) before continuing to move in the same direction a little further.
The breakout target to the upside if the pattern is broken as expected would be $9099 (to descending triangle resistance), while to the downside $7807, breaching local support and heading close to the 100 Week MA at $7850, where the price would likely stabilize temorarily in my opinion (<8k).
Note symmetrical triangles are considered neither bullish nor bearish but continuation patterns. In this case, a continuation of bearish momentum, despite bullish divergence on the RSI as well as a positive CMF and MACD.
Price stuck Between 200 Day MA & EMA (25/09):
Descending Triangle Quick Short To Support (23/09):
Measuring The Move of the Descending Triangle Breakdown (15/09)
A repeat of 2014? Worst Case Scenario A $2,500 Low (15/09):
If Bitcoin Repeats History? Extrapolating 2012 Breakdown
The breakout target to the upside if the pattern is broken as expected would be $9099 (to descending triangle resistance), while to the downside $7807, breaching local support and heading close to the 100 Week MA at $7850, where the price would likely stabilize temorarily in my opinion (<8k).
Note symmetrical triangles are considered neither bullish nor bearish but continuation patterns. In this case, a continuation of bearish momentum, despite bullish divergence on the RSI as well as a positive CMF and MACD.
Price stuck Between 200 Day MA & EMA (25/09):
Descending Triangle Quick Short To Support (23/09):
Measuring The Move of the Descending Triangle Breakdown (15/09)
A repeat of 2014? Worst Case Scenario A $2,500 Low (15/09):
If Bitcoin Repeats History? Extrapolating 2012 Breakdown
Catatan
Correction: If Bitcoin Repeats History? Extrapolating 2012 Breakdown
Catatan
Looks confirmed to me and set to break out either way very soon.Trade aktif
Very much like this :-) Break even stop loss.Trading ditutup: stop tercapai
Tapped out for break even, next piece of analysis:
Trading ditutup: target tercapai
Reached the 100 Week MA successfully then, triangle pattern completed.
Publikasi terkait
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.