A Descending Triangle is Forming on BCH [QUICK UPDATES]
Hey all, the Trading Guru is back with another entry on a new series called 'Quick Updates'.
We see BCH here with a strong bearish trend currently. It is reaching a point of support, but it doesn't look like it is really going to hold. I expect the price to bounce a little bit, confirm the triangle, and break through the bottom support line.
The intuition behind a descending triangle is that there is a support zone at the bottom, with multiple attempts to break the support. After every bounce, the bulls slightly decrease their power. At some point the bears break through the support zone , and will create a sharp drop in price.
--- What is The Quick Update Series All About? ---
I am starting a new tag (quickupdates) where I quickly share great opportunities based on TA for shorter timeframes, such as 4h, 1h, and 15m. It will not contain just a short explanation, in order to keep the velocity up and make sure you get to see the opportunities as fast as possible.
Follow me for consistent high quality updates, with clear explanations and charts.
Please like this post to support me.
- Trading Guru
--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
About the links below:
20% Discount on Binance: Did you know that Binance introduced a new system where you can get 20% discount on your fees? Find the step-by-step guide on how to add it to your account on the website of 100eyes
Forex & Crypto Scanner: Nobody can keep track of all the pairs on all timeframes. This scanner works on Telegram and sends an automated message including a chart every time something happens to a coin. E.g. it can automatically detect areas of support and resistance, RSI Divergences, Fib Retracements, and more.
Also, check my recent popular ideas on BTC:
We see BCH here with a strong bearish trend currently. It is reaching a point of support, but it doesn't look like it is really going to hold. I expect the price to bounce a little bit, confirm the triangle, and break through the bottom support line.
The intuition behind a descending triangle is that there is a support zone at the bottom, with multiple attempts to break the support. After every bounce, the bulls slightly decrease their power. At some point the bears break through the support zone , and will create a sharp drop in price.
--- What is The Quick Update Series All About? ---
I am starting a new tag (quickupdates) where I quickly share great opportunities based on TA for shorter timeframes, such as 4h, 1h, and 15m. It will not contain just a short explanation, in order to keep the velocity up and make sure you get to see the opportunities as fast as possible.
Follow me for consistent high quality updates, with clear explanations and charts.
Please like this post to support me.
- Trading Guru
--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
About the links below:
20% Discount on Binance: Did you know that Binance introduced a new system where you can get 20% discount on your fees? Find the step-by-step guide on how to add it to your account on the website of 100eyes
Forex & Crypto Scanner: Nobody can keep track of all the pairs on all timeframes. This scanner works on Telegram and sends an automated message including a chart every time something happens to a coin. E.g. it can automatically detect areas of support and resistance, RSI Divergences, Fib Retracements, and more.
Also, check my recent popular ideas on BTC:
Thảo luận về những biến động và nói cùng nhau về thị trường giao dịch ở cộng đồng Telegram này nhé!
t.me/Vietnam100eyes
(bắt đầu từ tháng 2 - 2023)
t.me/Vietnam100eyes
(bắt đầu từ tháng 2 - 2023)