$BTCUSD - Symmetrical triangle, ABCDE validation
Updated
Hi guys! 👋🏻
🔔 There is a symmetrical triangle is formed on a 4-hour BTCUD chart.
🔔 Although it might look like that the uptrend is expected and there is a clear ABCDE correction pattern, I'l like to point out on a very important detail here, D didn't touch upper edge of the triangle.
🔔 In a strongly bullish formations like this, usually D touches and penetrates the upper edge of the triangle and E never touches the lower edge of the triangle.
🔔 We see a complete opposite here. Hence, I'm guessing that BTC has more chance to reverse from here but to keep to positive and optimistic sentiment, let's wait for it to escape from the triangle and the static resistance at $35300
🔔 I'm also relying on this support.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
🔔 There is a symmetrical triangle is formed on a 4-hour BTCUD chart.
🔔 Although it might look like that the uptrend is expected and there is a clear ABCDE correction pattern, I'l like to point out on a very important detail here, D didn't touch upper edge of the triangle.
🔔 In a strongly bullish formations like this, usually D touches and penetrates the upper edge of the triangle and E never touches the lower edge of the triangle.
🔔 We see a complete opposite here. Hence, I'm guessing that BTC has more chance to reverse from here but to keep to positive and optimistic sentiment, let's wait for it to escape from the triangle and the static resistance at $35300
🔔 I'm also relying on this support.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
Note
Bitcoin is waiting for JOLTS and FED Minutes I guess!
Nothing is true, everything is permitted.
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