Hi Guys,
Today, I would like to show you the chart from a bigger picture.
On the 4hr chart, you can see there are some similarities between the end of March and now. if you look at how I draw the different blocks as well as the duration it took to form the two sets, they just look so similar to me.
From the daily chart below, the pattern in Jan looks so similar to the one in April. And if you look closer, both of the blocks have been holding at the 0.886 fib retrace level for around 13 days.
So, If fractals play out nicely (I am not saying it definitely will), I would expect a break down of the current bear flag formation. And if it does, the break down would be destructive.
Please watch the price action closely.
Don't forget to give it a "Like" :)
Taiwan Bear
******************************************************************************************
Please note this post is provided for informational purpose only. It is not a financial advice to buy/sell.
Some tips for you:
- Set up an entry/exit strategy for every trade, with the ideal risk/reward ratio (2+)
- Understand that every trade carries a risk, and don’t expect you can make profits from every trade
Today, I would like to show you the chart from a bigger picture.
On the 4hr chart, you can see there are some similarities between the end of March and now. if you look at how I draw the different blocks as well as the duration it took to form the two sets, they just look so similar to me.
From the daily chart below, the pattern in Jan looks so similar to the one in April. And if you look closer, both of the blocks have been holding at the 0.886 fib retrace level for around 13 days.
So, If fractals play out nicely (I am not saying it definitely will), I would expect a break down of the current bear flag formation. And if it does, the break down would be destructive.
Please watch the price action closely.
Don't forget to give it a "Like" :)
Taiwan Bear
******************************************************************************************
Please note this post is provided for informational purpose only. It is not a financial advice to buy/sell.
Some tips for you:
- Set up an entry/exit strategy for every trade, with the ideal risk/reward ratio (2+)
- Understand that every trade carries a risk, and don’t expect you can make profits from every trade
Comment:
Daily chart:
Comment:
BTC is getting closer and closer to the apex of the triangle (consolidation phase). A breakout is imminent in the next 36 hours.