CryptoJosh2018

BTC Short, Descending Triangle?

Short
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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Hello guys i'm new to trading view and trading. I have only been in this space for about 3 months, but i'm here to publish an idea i'm thinking about and watching form. Currently as you can tell i have drawn in a descending triangle pattern. MACD is showing an imminent crossover indicating that the bears are taking over and on the 2 hour and the RSI is going flat, showing indecision as shown in the developing 2 hour candle. On my chart I am also showing the 55, 21, and 13 day moving averages. As you can see the current trending is trending below the EMAs indicating strength in the downtrend as we've been rejected to the upside as shown by the wicks in the candles. If I see 3 candles close above the blue 55 EMA I will not assume we are out of our downtrend until confirmation is shown by the 55 EMA crossover and showing on the bottom. Please leave a comment and let me know if my analysis is accurate and help me learn! :D

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