Descending triangles are bearish patterns, with a breakdown followed by retest, followed by an increasing volume downtrend.
The current pattern is a descending triangle targeting $8057 which is also the 6hr Cloud bottom roughly. Looking for a high volume breakout downward, retest of broken support at 8850 with confirmed candle close followed by a retest on 15min/hourly timeframe to open a hedge short and scalp the way down.
Stop loss is marked as it is because if the 6hr closes below support but does not break down with large volume, this could turn into a bull flag.
Short play is invalid if a 6hr candle closes above the descending trendline. Will switch bullish.
Looks like BTC is attempting the right shoulder of a large inverse head and shoulders.
The current pattern is a descending triangle targeting $8057 which is also the 6hr Cloud bottom roughly. Looking for a high volume breakout downward, retest of broken support at 8850 with confirmed candle close followed by a retest on 15min/hourly timeframe to open a hedge short and scalp the way down.
Stop loss is marked as it is because if the 6hr closes below support but does not break down with large volume, this could turn into a bull flag.
Short play is invalid if a 6hr candle closes above the descending trendline. Will switch bullish.
Looks like BTC is attempting the right shoulder of a large inverse head and shoulders.
Note
Time to see if a breakout occursNote
Small breakout - staying flat.Order cancelled
Higher volume - descending triangle ruled out.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.