BTC - H1 - TRADING IN THE ZONE -ASCENDING TRIANGLE & TRIPLE TOP
H1 : Within the broad rising wedge in progress, there is an ascending triangle in progress as well.
Usually, this kind of pattern breakout on the upside...
Nevertheless, indicators do not confirm such kind of price action yet.
Indeed, all of them are still for the time being in bearish divergence mode.
Globally, in this time frame, the main support indicatore remains the uptrend line support which
should be screened very carefully for further development.
Scenario BULLISH :
Upside breakout of the ascending triangle would open the door for higher levels towards R4 line resistance area
(wait confirmation b4 going long, indeed breakouts are very often followed by a pullback towards the breakout level !)
p ! Scenario BEARISH : (potential triple top !)
A failure to stay inside the ascending triangle, followed by a breakout of S2 support trend line would put the focus
on the downside again towards the clouds support area (47200-46400)
Interesting to note that S3 rejected yesterday's intraday breakout @ 46231
As usual, screen shorter time frames to get confirmation or invalidation of view expressed in H1
Have fun all the best :-)
Usually, this kind of pattern breakout on the upside...
Nevertheless, indicators do not confirm such kind of price action yet.
Indeed, all of them are still for the time being in bearish divergence mode.
Globally, in this time frame, the main support indicatore remains the uptrend line support which
should be screened very carefully for further development.
Scenario BULLISH :
Upside breakout of the ascending triangle would open the door for higher levels towards R4 line resistance area
(wait confirmation b4 going long, indeed breakouts are very often followed by a pullback towards the breakout level !)
p ! Scenario BEARISH : (potential triple top !)
A failure to stay inside the ascending triangle, followed by a breakout of S2 support trend line would put the focus
on the downside again towards the clouds support area (47200-46400)
Interesting to note that S3 rejected yesterday's intraday breakout @ 46231
As usual, screen shorter time frames to get confirmation or invalidation of view expressed in H1
Have fun all the best :-)
