BTC 1hr possible asceding triangle
Updated
Hello,
Following my previous TA on BTC, BTC could be forming asceding triangle with current price action. This is bulish pattern especially in uptrend. According to EW count in previos post, we could be expecting
wave 5 of current uptrend. With this two bullish signs showing up, I believe there is a chance to form another leg up.
Measured move from asceding triangle would push BTC up to 13000$ area which is also previus swing high. Making double top at this level could be dangerous for bulls but if this plays out as 5th impulsive wave up, there is a chance to break possible double top at 13000$ and test 13900$ area.
RSI is giving us mixed signals, its forming symmetrical triangle which doesn't give us any clear signals. 1HR RSI is currenty at downtrend resistance level which could push the price down in next few hours but as you can see, RSI support level is also very close. This could mean that there is a possibility for huge move, on the upside or on the downside.
*DR and DS lines on the chart (green and red) are daily resistances and supports from previus daily candles.
Following my previous TA on BTC, BTC could be forming asceding triangle with current price action. This is bulish pattern especially in uptrend. According to EW count in previos post, we could be expecting
wave 5 of current uptrend. With this two bullish signs showing up, I believe there is a chance to form another leg up.
Measured move from asceding triangle would push BTC up to 13000$ area which is also previus swing high. Making double top at this level could be dangerous for bulls but if this plays out as 5th impulsive wave up, there is a chance to break possible double top at 13000$ and test 13900$ area.
RSI is giving us mixed signals, its forming symmetrical triangle which doesn't give us any clear signals. 1HR RSI is currenty at downtrend resistance level which could push the price down in next few hours but as you can see, RSI support level is also very close. This could mean that there is a possibility for huge move, on the upside or on the downside.
*DR and DS lines on the chart (green and red) are daily resistances and supports from previus daily candles.
Note
Triangle support played out perfect. We should face another attpempt to break the resistance anytime soon (defenitly today)
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