BTCUSD: Recurring patterns leading to the Triangle's break out?
On the short/ medium term Bitcoin has been trading within a 1D Triangle (neutral on 8 out of 11 leading indicators with RSI notably = 47.028, ADX = 28.861, Highs/Lows = 0.0000). Due to this prolonged consolidation, even 1W has gained neutral action partially (RSI = 45.761, ADX = 26.261, Highs/Lows = 0.0000). This can be an indication that the long term bottom of the current bear market is near.
On the short term however, the price action within the Triangle illustrates recurring patterns, which if they are repeated, then the Triangle will break near 6,300 and test 6,060 - 6,100. Our final target on this bearish sequence remains TP = 6,100.
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On the short term however, the price action within the Triangle illustrates recurring patterns, which if they are repeated, then the Triangle will break near 6,300 and test 6,060 - 6,100. Our final target on this bearish sequence remains TP = 6,100.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial