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chart_insight
Mar 25, 2020 6:13 PM

#Bitcoin Ascending Triangle is seen 10 days 

Bitcoin / United States DollarCoinbase

Description

The ascending triangle is seen 3 weeks after the price drop from $9100.

Trading Setup
Bull Scenario:
Open limited position if the pair breakout the triangle.
Add more position when price breakout each 2 resistances at $ 7650 and $ 8500.
Currently trade above the EMA(20) and EMA(50) 4-hr candles, even with golden cross.
The pair tend to consolidate between $5600-$7000.

Bear Scenario:
The bears suppress the power of the bulls at $7000 down to $6600 in the last two candles.
Close any position if the pair breakdown the triangle.
If it is broken, huge negative.
Most likely will break the Support 1 at $ 5670, but the bull will likely defend aggressively the Support-2 level at $4500.
The volume transaction and the RSI trendline are declining, which indicates decreasing bull's power.

Comments
Protixder
looks on great top trend -->
transparent-fx
here is what I will be looking at on btcusd
chart_insight
@transparent-fx, based on mine and yours, most likely it will breakdown the ascending triangle and support-1. If it does, crazy buy near the support-2.
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