Descending Triangle for BTC?!?!
Since my previous chart on Bitcoin linked to this chart, we've seen BTC break-down from an Ascending Triangle after multiple fake-outs to the upside breaking the horizontal resistance; the green upward sloping support has been lost for the being, but is the recent price action merely another fake-out, but to the downside instead?
Well, only time will tell, as for now, I can notice a Descending Triangle forming, and on the RSI there is a similar pattern.
On the KST there has been a bearish cross where I've placed the red downward sloping finger.
It's possible this pattern plays out as a Bull Flag as well.
There's merit for an Inverted H&S pattern, the blue head icon would represent the head of the pattern, and the right shoulder would be the Descending Triangle pattern, but it would obviously have to play out bullishly to the upside as a bull flag for the inverted H&S to occur.
Well, only time will tell, as for now, I can notice a Descending Triangle forming, and on the RSI there is a similar pattern.
On the KST there has been a bearish cross where I've placed the red downward sloping finger.
It's possible this pattern plays out as a Bull Flag as well.
There's merit for an Inverted H&S pattern, the blue head icon would represent the head of the pattern, and the right shoulder would be the Descending Triangle pattern, but it would obviously have to play out bullishly to the upside as a bull flag for the inverted H&S to occur.
Related publications
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.