BITCOIN Break out time for the Triangle. Buy or Sell?
The Descending Triangle on 4H is testing the 8900 Support that was made right after Saturday's 10500 peak. At the same time the Triangle is just below the Lower High trend line with no room for extension so a break out will come either way.
What are the scenarios?
* If the Triangle breaks to the upside, I am expecting a 0.618 Fibonacci rebound before a -12% decline to 8700. This is synthesized after the RSI pattern from early - mid October which is similar with the Triangle's. A 0.618 pull back resulted in to a -12.35% decline to the 7330 bottom.
* If the Triangle breaks to the downside then the short term target should be the 0.618 Fibonacci retracement (from the 10500 top) at 8550 and after another pull back the 0.786 retracement level at 8000.
Remember this is a short term projection and Bitcoin is exposed to a high degree of volatility on such time frames, so manage the risk in accordance to your account size and margin.
What are the scenarios?
* If the Triangle breaks to the upside, I am expecting a 0.618 Fibonacci rebound before a -12% decline to 8700. This is synthesized after the RSI pattern from early - mid October which is similar with the Triangle's. A 0.618 pull back resulted in to a -12.35% decline to the 7330 bottom.
* If the Triangle breaks to the downside then the short term target should be the 0.618 Fibonacci retracement (from the 10500 top) at 8550 and after another pull back the 0.786 retracement level at 8000.
Remember this is a short term projection and Bitcoin is exposed to a high degree of volatility on such time frames, so manage the risk in accordance to your account size and margin.
👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
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.