TradingView
ScotianBot
Sep 30, 2021 11:48 PM

Is Bitcoin trading in a Giant Descending Triangle? 

Bitcoin / United States DollarCoinbase

Description

On the RSI there appears to be a noticeable divergence, there's a series of higher lows forming an ascending triangle.

The price is displaying a series of lower highs forming a descending triangle.

A bullish divergence or bearish divergence?

A bullish divergence occurs when prices fall to a new low while an oscillator fails to reach a new low. This situation demonstrates that bears are losing power, and that bulls are ready to control the market again—often a bullish divergence marks the end of a downtrend.


Bearish divergences signify potential downtrends when prices rally to a new high while the oscillator refuses to reach a new peak. In this situation, bulls are losing their grip on the market, prices are rising only as a result of inertia, and the bears are ready to take control again.

On the KST there has been a bearish cross on a 1-year chart. In this 5-year chart, it appears as though a bearish cross is on the verge of occurring near term on the Williams alligator.

It's always possible this pattern plays out as a Giant Bullish Flag, expect to see a re-test of the baseline of support & possibly a fake-out to the downside before breaching the horizontal resistance and re-testing ATH's.
Comments
galileo845848
target is 0
raul_investor
kkkkk
More