MikeMoh

BTC is finally giving us something sort of LOGICAL to work with!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar

"Symmetrical Triangle"

- Starting from 14 Aug btc failed to make a lower low.
- The same thing happened again a few days back on 8 sep.
- on 23 July " the false break-out " btc failed to make a higher high
- on 5 sep Btc also failed to make a higher high.

many people look at Symmetrical Triangle as a (Continuation) pattern.

but that's not always the case.

however most of the time , a break out of a symmetrical triangle means a quick movement!
and if it's not quick then it's a false break-out


my current view is bullish as long as we are above the trend,my SL is a close below the trend line and my TP is the down trend price range.

trading within a triangle is kind stressful as you can't really use an automatic exist because depending on the time it takes to move towards the sides of the triangles will determine the price. the faster it move the more range it has.

so, you need to closley watch the chart every couple hours , i personally look at the 4hr chart and wait for a close to exit.

if you are not an aggressive trader, then maybe you should just wait for a break-out in either direction to enter short/long.

* also one thing to notice, i don't like that there are still some people with HOPE. the best indicator for a bullshit rally would be when most people lose faith in the market, when most people say SELL SELL SELL that's the time when btc moons. and i think we are pretty close to the depression.




Comment: we are getting close to touching the down trend. getting ready to close the position and wait for the price action.

you all saw that crazy drop below the trend line , took many Stop loses that's why i mentioned my SL is a CLOSE below the trend not just a spike like that. a static SL in crypto will never work for now stick to watching at least a 4h candle close.
Comment: so we bounces from the top of the triangle, price has not closed below the support trend so this may give us a very good long signal. just wait for the daily candle to close, failing to close below the trend line, go long, closing below it, ofcoz go short.
Comment: a daily close above 6800 will be a nice break out of this triangle that's been holding the price forever, however be careful of false breakouts, you can identify this if the volume keeps slowing down. this is all my be caused by usdt fud but who cares as long as the market is reacting fast then it's good for btc.
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