ninjacookies
Long

Calm before the .... STORM /BTC ? Bullish descending triangle

BINANCE:STORMBTC   Storm / Bitcoin
Hello all. I am back again. Hopefully bringing some good karma along the way.


We have here a giant descending triangle formation brewing with Storm/btc that has developed over the course of the past 4 days.

There was a solid %60+ percent drop from the initial run up, and it appears the market has found a (hopefully) temporary floor at around the 46x level.

The market attempted to make a push earlier this morning after leaving the triangle but was rejected by the 100ema.

However, it appears it has found a temporary consolidation range between 46x-48x, and all the ema's are slowly starting to converge (very bullish ).

RSI and MACD provide tons of room for growth, and I'm cautiously anticipating a sudden spike coming sometime soon.

Tentative target is 869.

Giant support at 435, if you are wanting to set a stop loss.

As always, pay close attention to BTC as it will likely dictate where the rest of the market goes. Take profits when you can.

Happy trading!
Comment:

We made a fairly strong double bottom at 467. Hoping for a continuation of higher highs and higher lows.

In the process we have another smaller descending triangle formed. Appears a decision up or down should come in the next few hours. But I'm optimistic for a large push. Set a stop loss and be patient.
Trade closed manually: Well. BTC crashed the party, as usual. As I emphasized before, take prifts when you can.

There was a textbook bear divergence on the initial pump on both the 5 and 15 minute charts around the 630 area. Then she lost steam. But it was a nice 20-30 quick scalp for those that got in on the signal. Now we wait for btc to flush out the swamp...
Nice call!
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ninjacookies DenysKovryzhenko
@DenysKovryzhenko, Thank you!
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