BTCUSD - Likely descending triangle to 8057
Mis à jour
Descending triangles are bearish patterns, with a breakdown followed by retest, followed by an increasing volume downtrend.
The current pattern is a descending triangle targeting $8057 which is also the 6hr Cloud bottom roughly. Looking for a high volume breakout downward, retest of broken support at 8850 with confirmed candle close followed by a retest on 15min/hourly timeframe to open a hedge short and scalp the way down.
Stop loss is marked as it is because if the 6hr closes below support but does not break down with large volume, this could turn into a bull flag.
Short play is invalid if a 6hr candle closes above the descending trendline. Will switch bullish.
Looks like BTC is attempting the right shoulder of a large inverse head and shoulders.
The current pattern is a descending triangle targeting $8057 which is also the 6hr Cloud bottom roughly. Looking for a high volume breakout downward, retest of broken support at 8850 with confirmed candle close followed by a retest on 15min/hourly timeframe to open a hedge short and scalp the way down.
Stop loss is marked as it is because if the 6hr closes below support but does not break down with large volume, this could turn into a bull flag.
Short play is invalid if a 6hr candle closes above the descending trendline. Will switch bullish.
Looks like BTC is attempting the right shoulder of a large inverse head and shoulders.
Note
Time to see if a breakout occursNote
Small breakout - staying flat.Ordre annulé
Higher volume - descending triangle ruled out.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.