BTC ASCENDING TRIANGLE - BEARISH to $6000??
Just a simple thought, BTC-USD ascending triangle. Typically a bullish signal, however the price is starting from the bottom of the triangle- not the top, thus creating a bearish signal. The purple line simply shows the current support zone. It is possible the formation continues until the closure of the triangle before a price move downward, or it could break the current support and start a downward assent towards the $6000 range. This is also reflected in the RSI, being extremely high on the one-day chart. Looking at the 30min and 1 hour charts the rsi is at rock bottom around 20, but like I said the 1 day chart shows an entirely different story.
Just a simple idea, let me know your thoughts! I am not a bear typically, but I like to see the whole picture. This might just be a consolidation phase before another attempt to gain a foothold above 9000. Each attempt so far has been pushed back. My guess is this large price jump correlated with the BTC Halving, I think the market has already reacted to this, even if the actual having has not taken place yet. This is not the first time this has happen, LTC-USD did something similar about a year ago if I remember correctly.
Please do not trade based on this info, it is just my thoughts on the topic and I would love to hear from more experienced traders what they think.
Thanks for reading,
- Max K.
Just a simple idea, let me know your thoughts! I am not a bear typically, but I like to see the whole picture. This might just be a consolidation phase before another attempt to gain a foothold above 9000. Each attempt so far has been pushed back. My guess is this large price jump correlated with the BTC Halving, I think the market has already reacted to this, even if the actual having has not taken place yet. This is not the first time this has happen, LTC-USD did something similar about a year ago if I remember correctly.
Please do not trade based on this info, it is just my thoughts on the topic and I would love to hear from more experienced traders what they think.
Thanks for reading,
- Max K.
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.