According Wyckoff Distribution this is the point where institutions take profits and retail investors keep pumping. Also on COT Report BTC you see that institutions are shorting BTC. This price area might give good short opportunities.
A small ascending triangle inside a larger ascending triangle provides a safe buy zone (all external conditions being equal).
Target could be 1.10.
Given that it follows sia often gives me the boost to believe it will break out on the upside of the triangles.
Let me know what you think of this trade idea in the comments please and good luck!
False upper breakout of descending triangle and a double top printed with a slightly lower high of the second top.
There was a lot of discussion on tradingview whether btc would go up or down at the end of the triangle, to me this is the answer for it to go down.
Target: retest of previous ATH from 2017 as pointed out in my related idea below.
Don't forget to...
Descending triangle is pushing down the price of BTC. It is laying on top of a demand zone, so the demand zone will be challenged to hold. If the demand zone doesn't hold a retest of the 2017 ATH might happen.
This chart can't be more clear. We approach a resistance zone at the same point where a falling wedge ends. We will retest support and go for a solid double bottom around 16500 to go for a new all time high from there.
We are bullish on Bitcoin and we all agree that Bitcoin will take a turn to go for a new ATH. The question this analyses answers is where the turning point will be?
The answer somewhere between 13500 and 15800. Please, continue reading for the explanation:
What do we see?
- An ascending channel since March
- A dotted support line in the middle of the ascending...
Cup and handle patterns spotted on the 1h timeframe indicating that bullish action is likely. After breakthrough there is very little resistance and massive room for growth, you can see this on the ICON/USD chart as well.
However, don't forget to do your own research before trading ;).
5 reasons to go long on SC.
A very clear ascending triangle pattern which can potentially help SC to break through a long term resistance line (denoted with the hammers).
An ascending triangle is a bullish continuation patters and the fact that the price is hitting the supply line (diagonal line of the triangle) means that the perfect entry might be right...
I've drawn a line highlighting the highs of the major downtrend since the ath. Now it is leaving the downtrend and retesting the resistance of the downtrend to unleash a turn to a new major bullish trend.