BTC - H4 - TRIANGLE FORMATION IN PROGRESS !!!
Updated
H4 : Triangle formation in progress.
Currently below Kijun-Sen (57068), Mid Bollinger Band (55759), Tenkan-Sen (55259) and
roughly in the middle of the triangle.
Breakout of the triangle :
BULLISH SCENARIO
Upside breakout would trigger a move of 6398 points towards 63500-63750
BEARISH SCENARIO (expected)
Downside breakout would target 47675-48000
Watch also H1 and M15
Currently below Kijun-Sen (57068), Mid Bollinger Band (55759), Tenkan-Sen (55259) and
roughly in the middle of the triangle.
Breakout of the triangle :
BULLISH SCENARIO
Upside breakout would trigger a move of 6398 points towards 63500-63750
BEARISH SCENARIO (expected)
Downside breakout would target 47675-48000
Watch also H1 and M15
Note
Triangle support base has been tested once during the former H4 period.Watch carefully price action on shorter time frames H1 and M15 as a closing below the triangle support line would be the first warning signal of a validation of this pattern, calling for a target @ 47675-48000
In order to neutralise the ongoing price action in H4, BTC should recover and hold above the Mid Bollinger Band, currently @ 55672
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