BTC Broke out the descending triangle. Long entry after retest.
NOTE: I am not financial advisor. This is all based on my opinion, price might still go the other way, it is always better to manage your risk first before entering a trade.
BTC failed to create HL(higher low) as I mentioned on my previous post. Instead created a key support at 46k area. However at current price action BTC is creating descending triangle which is considered as bearish pattern but break above the pattern is also possible. To confirm the move a breakout is a must.
NOTE: I am not financial advisor. This is all based on...
As advised from my previous post, confirmation is necessary to confirm the bearish trend of ETH specifically if it will respect the 3853 area(support turned resistance). Patience is the key! We can see on the current price action that we had a bear trap and evidence of price failure to break below 3669 area(with arrows). This opens up a possibility of price bounce...
As mention on my post last 21.12.14 Since we observed bearish depletion we might see BTC price bounce up to 52030 area. If you also check the area with arrows we can see the evidence of price failure to break below 46241 area. We can confirm this move once it created HL(Higher low). This would be also ideal long entry for short term trade, conservative TP would be...
After strong bounce @53700 area and breaking 57779 resistance. BTC also looking to break expanding triangle trend. Wait for the 4H candle to close above 57779 resistance to confirm the move. Possible target 62k~64K. #DYOR #NFA
BNB with massive bullish momentum breaking the consolidation area. Long entry after the retest. With high possibility of reaching 509 price. #DYOR #NFA
BTC looking to create HL in 15TF after rejecting 56100~56300 area in 1HR.
Note: always wait for the evidence and confirmation candle before entering a trade and always set your SL.
XLM forming descending triangle(Bearish Pattern)
Take away:
Short If Price breakdown key support and 4H candle closed below to confirm the bear trend.
Long if Price breakout key resistance and 4H candle closed above to confirm bullish trend.
