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BTCUSD Descending Triangle Breakout + Pennant
Bitcoin
Long
BTCUSD Descending Triangle Breakout + Pennant
By JCBCrypto
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Updated
Jan 5, 2018
5
Cheer
Cheer
Jan 4, 2018
This broke on the upside.
I would take caution as the Descending Triangle is generally a bearish pattern.
I guess the triple bottom at 3, 4 and 6, or A and C of ABC elliot wave correction attracted some buyers and buy volume came in.
Descending triangle generally means demand for an asset is weakening as price fails to establish higher highs.
Price crossed 50, 100, and 200 Moving Averages.
Will wait for more bullish movement or break of pennant to open position, preferably close above 16k or B/5
Jan 4, 2018
Comment
pennant broke on downside
Jan 5, 2018
Comment
bounced on 0.382 fib, moving up
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JCBCrypto
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