From this moment on therefore, we will be looking for buy setups, on this cryptocurrency, around the lower of the aforementioned triangle. For a more conservative approach, wait for a first impulse to the upside, wait for a small correction of said impulse on the 60min timeframe, and buy the break of said correction with a stop loss beneath it. However, we must also remember that Cryptocurrencies have proved to move too fast, at times, for conservative trading methods. Pattern is invalidated if price breaks out of the lower of the triangle to the downside
In relation to cryptocurrencies, let us remind all traders that any attempt of forecasting based on wave and structural analysis has to be taken in a very conservative manner, as these financial instruments could not have been traded in the markets for a long enough time to consolidate their structure and make a valid projection possible.
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Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
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