BTC/USD Triangle Formed After Trendline Break March 10 2018
Price has continued to press lower with short relief rallies being
sold off. Currently it has broken the intraday trendline that goes
back to the 11490 high on March 5. We see that the break lacks
momentum and was quickly sold off and a retest of the trendline
is in place. This is also forming a triangle pattern.
If price breaks lower and close below the triangle and returns back
below the trendline, we are likely to see another wave down. If price
breaks above the triangle and takes out the high at 7150 and
also the top at 7500 we will likely see a move to the yet untraded
Monthly pp at 8400. Still, since the trend remains bearish on
the H4 timeframe bias is to the downside.
sold off. Currently it has broken the intraday trendline that goes
back to the 11490 high on March 5. We see that the break lacks
momentum and was quickly sold off and a retest of the trendline
is in place. This is also forming a triangle pattern.
If price breaks lower and close below the triangle and returns back
below the trendline, we are likely to see another wave down. If price
breaks above the triangle and takes out the high at 7150 and
also the top at 7500 we will likely see a move to the yet untraded
Monthly pp at 8400. Still, since the trend remains bearish on
the H4 timeframe bias is to the downside.
Comment:
That's April 10 yes
