Bitcoin: Descending Triangle on Daily!
Hello dear crypto friends, hope you're doing well! ;) Much is going on with Edgy's services & my mentees currently, so I didn't have much time to post unfortunately. Big announcements are gonna come very soon.
Bitcoin is currently in a Descending Triangle on the Daily, which will see a solid breakout coming.
To the downside we have 9k psychological as potential target.
To the upside we have 11k and 12k. There is currently a downward channel which many of my colleagues are pointing to (the blue one), and which could be broken to the upside in this case.
But don't forget that on the Weekly chart, this channel completely dissapears, and we rather have a Double Top, with a top close at $11,5k and the Pullback Low at $9,5k, which needs to be broken to the downside by the bears to see follow-through.
Conclusion: If the bears break through the Pullback Low, we could see bearish continuation for the next couple of months. But if the bulls manage to make higher Lows at the current range of 10k, and come to the same ceiling at $11,5k for yet another time, we will have the potential to turn this into an Ascending Triangle on the weekly eventually, which will be highly bullish. The great thing about being a real trader is: You can play those breakouts with up to 20% potential, no matter in what direction we eventually break.
If you're interested in learning & applying this knowledge, just let me know. If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my analyses! I wish you a good trading! :)
Edgy is providing online education only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
Bitcoin is currently in a Descending Triangle on the Daily, which will see a solid breakout coming.
To the downside we have 9k psychological as potential target.
To the upside we have 11k and 12k. There is currently a downward channel which many of my colleagues are pointing to (the blue one), and which could be broken to the upside in this case.
But don't forget that on the Weekly chart, this channel completely dissapears, and we rather have a Double Top, with a top close at $11,5k and the Pullback Low at $9,5k, which needs to be broken to the downside by the bears to see follow-through.
Conclusion: If the bears break through the Pullback Low, we could see bearish continuation for the next couple of months. But if the bulls manage to make higher Lows at the current range of 10k, and come to the same ceiling at $11,5k for yet another time, we will have the potential to turn this into an Ascending Triangle on the weekly eventually, which will be highly bullish. The great thing about being a real trader is: You can play those breakouts with up to 20% potential, no matter in what direction we eventually break.
If you're interested in learning & applying this knowledge, just let me know. If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my analyses! I wish you a good trading! :)
Edgy is providing online education only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
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