In the chart above AUD/USD has formed two Inverted and Ascending Scallops. These chart patterns look like the right side of an umbrella. The price quickly rises, before levelling off near the top in an inverted cup formation. The beauty of these patterns is they perform very well in both bull and bear markets.
Breakeven Failure rate: 9%
Average Rise:...
Hey there pals.
After a decent climb during the frirst part of the day, BTC is showing some resistance.
There is probably an inverted cup pattern, that can take the price to 45k again.
Wait for price action to enter any trade.
Possible DCA down to 45k if you are brave!
Short below 319. If gaps down, wait for retest on a moving average or 319 level. Target based on height of the inverted cup is ~270 (also 200 day MA is around that level). But 300 is good support below.
Initial target is 300, if that doesnt hold, 270 next.
