Here's a quick look at the daily BTC chart. As we can see, the bearish trend continues, and the price has been trading within a descending triangle formation for some time now. If the price breaks below the descending triangle, then the price will very likely end up at 14K! The price must stay within the triangle to avoid further downside!
I must add that SPX500 is down a lot, and BTC hasn't followed up yet. We may see a big move from BTC in the coming days. I'm expecting the 18k support to be broken very soon. I still hold my stance of sub-13k BTC!
Also, the volume has been increasing while the price has been decreasing! This is a bearish sign as well!
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What are triangles when it comes to trading?
Key points:
"1. In technical analysis , a triangle is a continuation pattern on a chart that forms a triangle-like shape.
2. Triangles are similar to wedges and pennants and can be either a continuation pattern if validated or a powerful reversal pattern, in the event of failure.
3. three potential triangle variations can develop as price action carves out a holding pattern, namely ascending, descending, and symmetrical triangles."
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BTC dictates the market. If BTC falls, then Alts will fall as well. Trade safe!
I must add that SPX500 is down a lot, and BTC hasn't followed up yet. We may see a big move from BTC in the coming days. I'm expecting the 18k support to be broken very soon. I still hold my stance of sub-13k BTC!
Also, the volume has been increasing while the price has been decreasing! This is a bearish sign as well!
-------------------------------------------
What are triangles when it comes to trading?
Key points:
"1. In technical analysis , a triangle is a continuation pattern on a chart that forms a triangle-like shape.
2. Triangles are similar to wedges and pennants and can be either a continuation pattern if validated or a powerful reversal pattern, in the event of failure.
3. three potential triangle variations can develop as price action carves out a holding pattern, namely ascending, descending, and symmetrical triangles."
-------------------------------------------
If you like the content, then make sure to comment and like the post :D
Follow me for daily profitable trading setups
BTC dictates the market. If BTC falls, then Alts will fall as well. Trade safe!
Comment:
Another bearish sign
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