Bitcoin Breaks Down From Symmetrical Triangle Amid G7 FUD!
Hi guys, this is OG back with another update. Bitcoin has once again broken down from the symmetrical triangle, and on pretty strong volume as well. The hourly close below the support trendline of the symmetrical triangle would have been a good place for a scalp short, but I was away from the screen so missed the entry. After the first breakdown from the triangle, price climbed back within the triangle, suggesting that price is likely to break upwards. Unfortunately, just as price was about to do so, we got some G7 FUD. President Biden has called for a meeting of the G7 nations, and there is speculation that the group of 7 nations might try to come up with collective regulation against Bitcoin. Playing into this narrative, some officials have spoken out against Bitcoin and the media is amplifying that narrative.
I missed the best entry for a short, so while price can continue to go lower, the risk reward here to enter a short isn't ideal, and with so many fakeouts recently, it is dangerous to enter into a trade when price has already moved since the initial entry point in the hopes of it continuing further, because price can very likely reverse just as quickly.
The two setups Im looking for now are similar to the ones I was looking for when price broke down from the symmetrical triangle the first time.
1. For me to take a short, I want to see price retest the bottom of the symmetrical triangle at around 36.5K and get rejected, thus confirming the break of the triangle to the downside
2. For me to take a long, price needs to break above the symmetrical triangle resistance at 37.5K. Of course, this means price needs to first climb back within the symmetrical triangle
As always, I’m not a financial advisor, do your own research, and stay safe!
I missed the best entry for a short, so while price can continue to go lower, the risk reward here to enter a short isn't ideal, and with so many fakeouts recently, it is dangerous to enter into a trade when price has already moved since the initial entry point in the hopes of it continuing further, because price can very likely reverse just as quickly.
The two setups Im looking for now are similar to the ones I was looking for when price broke down from the symmetrical triangle the first time.
1. For me to take a short, I want to see price retest the bottom of the symmetrical triangle at around 36.5K and get rejected, thus confirming the break of the triangle to the downside
2. For me to take a long, price needs to break above the symmetrical triangle resistance at 37.5K. Of course, this means price needs to first climb back within the symmetrical triangle
As always, I’m not a financial advisor, do your own research, and stay safe!
