oofd

Possible bullish descending triangle

Long
BITTREX:PAYBTC   TenX Pay Token / Bitcoin
While descending triangles are commonly thought as bearish , it can also break upwards. According to the pattern site, " Look for triangles with upward breakouts near the start of an uptrend".

Pros:
- Based on the HTF context, PAY has been on a sustained downtrend for quite sometime so upward breakout of descending triangle (i.e. as a reversal instead of continuation pattern) is possible.
- Now it's resting on a higher low support.
- Also 1H and 4H bullish divergence on the macd
- Risk:reward seems good.

Cons:
- descending triangles break down 64% of the time.
Trade active: took a while but trade looking good :) taking partial profits at previous highs
Trade closed manually: Didn't get as high as the ultimate target for this setup. I closed the position in profit when I started see bearish divs. However, it's still in a short-term uptrend with this higher low formed.

Comments

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