Bitcoin is in a tightening range (triangle formation)
Updated
Ciao Traders,
As highlighted in the chart bitcoin is in a triangle formation which is a continuation pattern of the downhill seen yesterday, but coution and stop loss is a must since bitcoin has often proven of not caring about chart patterns.
On a larger scale H&S formation which is bearish as well.
I would short about 7400/7500 USD with a tight stop loss because a push to the upside can easily lead us again above 8k levels.
Not financial advise, just keep in mind these 2 trendlines in 30 min and 1 hour chart and follow the trend.
As highlighted in the chart bitcoin is in a triangle formation which is a continuation pattern of the downhill seen yesterday, but coution and stop loss is a must since bitcoin has often proven of not caring about chart patterns.
On a larger scale H&S formation which is bearish as well.
I would short about 7400/7500 USD with a tight stop loss because a push to the upside can easily lead us again above 8k levels.
Not financial advise, just keep in mind these 2 trendlines in 30 min and 1 hour chart and follow the trend.
Trade closed manually
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