BTC has its corrective phase in a Descending triangle Pattern.
what is Descending triangle pattern?
The descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern. There are instances when descending triangles form as reversal patterns at the end of an uptrend, but they are typically continuation patterns. Regardless of where they form, descending triangles are bearish patterns that indicate distribution.
However, in some cases, the support line will be too strong, and the price will bounce off of it and make a strong move up.
The good news is that we don’t care where the price goes. We just know that it’s about to go somewhere.
In this case, we would place entry orders above the upper line (the lower highs) and below the support line.
To be safe I see BTC right now in no trade Zone, the best choice will be to wait for the breakout.
Join our discussion room for more about our trading signals. Please do click on like icon and share our idea.
Thanks.
Note: It will be good to always understand risk involve in trading. Always trade with stop Loss in place.
Set up an entry/exit strategy for every trade, with good risk/reward ratio.
Transaction en cours
⋅
Here is my expectation on the upside break, if price break up it will move in this direction.
Transaction en cours
⋅
We has some bullish element inside the whole BTC structures, BTC forming ascending triangle pattern which can break the price up, more so we have ABCD rectangle pattern within the structure.
Coming week will be important for BTC.
Transaction en cours
⋅
Do know that I appreciate you taking the time to read my posts and Please leave a LIKE and FOLLOW us for more updates. I would really appreciate it.