BTC is in an ascending wedge pattern on most time frames except really low ones. However on 15 or 30 minute time frames the formation of an ascending triangle within this pattern can be seen.
Expectation for this particular pattern would be for the ascending triangle to validate, pushing BTC out of the ascending wedge. But this would make a false breakout and price would dump back into the wedge then decline from there to validate the ascending wedge pattern and see price back into the $7k area or lower.
If the triangle pattern validates but price come back to retest the wedge upper trendline and find it as support and continue up, then this is invalidating the wedge pattern and more upside will follow. this would be a good long entry.
If we see a descent back into the wedge after a breakout of the triangle, then this would be a good short entry.
If the small 15 minute triangle fails to validate then expect decline back to the bottom line of the wedge. break of that line would be a good short entry. strong bounce off would be a good long.
Happy and successful trading folks, and remember I'm not a financial advisor ! lol.
Expectation for this particular pattern would be for the ascending triangle to validate, pushing BTC out of the ascending wedge. But this would make a false breakout and price would dump back into the wedge then decline from there to validate the ascending wedge pattern and see price back into the $7k area or lower.
If the triangle pattern validates but price come back to retest the wedge upper trendline and find it as support and continue up, then this is invalidating the wedge pattern and more upside will follow. this would be a good long entry.
If we see a descent back into the wedge after a breakout of the triangle, then this would be a good short entry.
If the small 15 minute triangle fails to validate then expect decline back to the bottom line of the wedge. break of that line would be a good short entry. strong bounce off would be a good long.
Happy and successful trading folks, and remember I'm not a financial advisor ! lol.