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Trader_AlexK
Oct 10, 2018 5:19 AM

Symmetric triangle plus trading setup 

Bitcoin / DollarBitfinex

Description

Observed symmetric triangle in progress.

Current price drop could be supported at the previous long-term bearish trend line along with the support zone where 50, 100, 200 EMAs are.

However, found a clue from broken RSI channel which could mean EMAs I suggested above could be broken any time soon. Seems like it is more likely to find support at the short-term bullish trend line (indicated in bright green).

If lost SL at early $ 6,500s.

If lost, that would be a great entry point for those who short and for those who long, probably have to wait till retesting the longer-term bullish trend line (indicated in darker green).

Comment



Support at short-term bullish trend line confirmed
Comments
TjPark
whoa! so accurate! thanks for the insight!
Tommy_Trader
Wow! It bounced exactly at the green trendline! Thank you for sharing your TA
Tommy_Trader
Wow! It bounced exactly at the green trendline! Thank you for sharing your TA
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