BTC update, 4H descending triangle?
Hey folks, quick update for BTC on the 4H.
IMHO looks like a falling triangle. Ugly. My biggest worry are the EMAs. So far the 5 which was about to cross the 20 and got rejected. Looks very similar to the pattern from first half of July.
If support is broken and price falls outside of triangle then most likely it's heading towards mid 8000's where it would test of the 100 day EMA. This IMHO will be THE catalyst for prices to move higher (this happened about 5 times during the 2017 bull run).
The blue arrow is the bullish scenario...it can still pplay out but I would be careful and wouldn't paly the breakout, only the retest. Could be a fake out. On the daily AND weekly things look rough. I don't trust the current price action one bit. Smells like a trap. FYI I got out at 13K weeks ago and been only playing some little moves here and there but nothing major.
Momentum indicators on daily mostly bearish on 4H mixed which reflects the price action as shown above.
Be careful and remember ADYOR!
IMHO looks like a falling triangle. Ugly. My biggest worry are the EMAs. So far the 5 which was about to cross the 20 and got rejected. Looks very similar to the pattern from first half of July.
If support is broken and price falls outside of triangle then most likely it's heading towards mid 8000's where it would test of the 100 day EMA. This IMHO will be THE catalyst for prices to move higher (this happened about 5 times during the 2017 bull run).
The blue arrow is the bullish scenario...it can still pplay out but I would be careful and wouldn't paly the breakout, only the retest. Could be a fake out. On the daily AND weekly things look rough. I don't trust the current price action one bit. Smells like a trap. FYI I got out at 13K weeks ago and been only playing some little moves here and there but nothing major.
Momentum indicators on daily mostly bearish on 4H mixed which reflects the price action as shown above.
Be careful and remember ADYOR!
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