BTC USD 1hr Ascending Triangle

Bitcoin / DollarBitfinex

Description

⋅ Mar 8, 2018 3:28 PM

Here we see an Ascending triangle on the small timeframe of 1hr. If there is a breakout on the horizontal trendline with high volume, $10,800 is the target. If breakout is rejected, alternative scenarios based on resistance lines and fib retracement lines are outlined by yellow and red arrows. Any opinions appreciated.

Comments

steve.elliott

⋅ Mar 8, 2018 4:27 PM

Its a bearish formation....gonna break down imo

HODLord

⋅ Mar 8, 2018 4:42 PM

@STEVE.elliott,

I was under the impression that Ascending triangles are a bullish chart pattern?

investopedia.com/terms/a/ascendingtriangle.asp

steve.elliott

⋅ Mar 8, 2018 5:12 PM

@HODLord, You are welcome ;) Always make sure what you are looking at is what you think!

steve.elliott

⋅ Mar 8, 2018 5:32 PM

@HODLord, If you look at it on the 1 hour, you'll see it was a bear flag.

HODLord

⋅ Mar 8, 2018 5:57 PM

@STEVE.elliott, That is the 1 hour chart. Not log scale. But yes thanks for the opinion :) you were correct.

steve.elliott

⋅ Mar 8, 2018 5:59 PM

@HODLord, Yeh, use your candle bodies not wicks. Especially at the start of the pattern as there is a lot of impulse noise there