This is the BULLISH scenario currently in play. It could, of course, NOT play out this way. We could have a fake-out from this triangle and head down from here. We could also get rejected at that first blue box at around 7.6k. BUT - according to all the patterns going on, this is the scenario that seems to be about to play out. Again - doesn't have to play out like this, but if I'm trading according to classic TA, I need to see this as the most logical course of price action over the next three to four days.
Commentaire
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Looking at the line chart for this consolidation area, it's clearly become more of a symmetrical triangle than an ascending triangle. While I still think this could break to the upside, my bias for the next move has shifted a bit and is now favoring the downside:
Commentaire
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Also - bearish divergences have formed, and this could also be seen/interpreted as a double top.
another question: if this triangle is broken to the downside, then the triangle trading went obsolete , right? in the past, did it then really go down a lot?
ttk100
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how does btc act corresponding to s&p 500? are they correlated?
CryptoTraderMark10
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@ttk100, They do appear to be correlated on a MACRO (ie, weekly and monthly) scale, but not really on an intra or even inter-day scale.