Hedgehog_king

Will we fail under the symmetrical triangle?!?!?

Short
Hedgehog_king Updated   
BITMEX:XBTUSD.P   Bitcoin
Very nice movement, so far we struggle with exactly spot on of the edge of the symmetrical triangle...
we might correct towards the sma200 and the 4h+1h clouds which are all at the 10100-10215 zone, but since we are really struggling at these point to me it looks like we are going to get rejected (Especially since the volume buying power keeps on dropping)... if this is the case we will get to test the ascending triangle again, falling below 9050 will easily bring us to 7-8.2k.

So another risky short moment would be:
#Short#currentprice9844
Short hourly SL for low cost: 9900
Longer range for the sma200 and the clouds retraces SL: 10215
Next TPs: 9640, 9137, 8600, 8300, and leave 10% to run for any lower price..
Trade closed: stop reached:
#Short#currentprice9844
SL hit: 10215
This is not active anymore.
Comment:
* Short term (Few hours-26/08, including Sunday weekly closing candle and Monday reaction):
- We are right below the 4h and 1h clouds testing, also right below the sma200 - all this at the 10100-1215 zone, rejection will cause pull down below the symmetrical triangle which will mean that we are going to test the 9080-9480 again..
- Succeeding in overcome the 1h and 4h clouds will bring us to test the daily cloud and the ma200 again at the levels 10550-10750.. failing to preserve these will cause same effect of going bellow the symmetrical triangle, succeeding to break these will bring us to test the 10950 area (A very strong resistance/support shifting zone).
_
* Mid term (Symetrical triangle up to 5 weeks (including the current one) breakout , ascending triangle up to 12 weeks (including the current one) breakout ):
- Symmetrical triangle - this is the consolidation zone where we create lower highs and higher lows until we break it out and create new patterns, this is where all the chup chup is going on and nothing is certain. breaking above this triangle will lead us to test 12300 again, if we break that zone with bullish trend (higher lows, higher highs) then we are more likely to break the 14k as well and continue towards the 20k ath... breaking below the symmetrical means we are in the ascending triangle.
- Ascending triangle is a bearish pattern, if we break below the symmetrical then the ascending one is next in the line, it has longer period of time, I believe that if we test this zone again (9080-9400) then this is a free fall towards the 5-8.2k (or more like 7500-8.2k), I really think 1 touch is enough to break it but we might need another 1, failing to do so after these 2 times will weaken the ascending triangle.
Trade active:
- The hedgehog's guide to the Symmetrical survivor:

- Why it is still not safe to go 'long':
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