BTCUSD New triangle in 4h chart
Updated
Hello there,
Today we see a formation of a new triangle at the 4h chart. It is neither an ascending nor a descending one and the price currently moves slightly under the middle of the triangle. In about 8h hours tops we will reach pointing at least 80% of the triangles length where it is most possible a breakout above or below the lines occure. Which way it will go?? Well it depends from now until then which triangle line will be tested. The sentiment is clearly bullish so even if the lower line breaks around 8700$ most possibly around 8500$ new buyers will come to the front, if not the 8350-8400$ resist will be tested. For the bullish scenario if the upper line breaks then we will test again to reach 9000$
let's analyse/comment a bit
Today we see a formation of a new triangle at the 4h chart. It is neither an ascending nor a descending one and the price currently moves slightly under the middle of the triangle. In about 8h hours tops we will reach pointing at least 80% of the triangles length where it is most possible a breakout above or below the lines occure. Which way it will go?? Well it depends from now until then which triangle line will be tested. The sentiment is clearly bullish so even if the lower line breaks around 8700$ most possibly around 8500$ new buyers will come to the front, if not the 8350-8400$ resist will be tested. For the bullish scenario if the upper line breaks then we will test again to reach 9000$
let's analyse/comment a bit
Trade active
The 4h chart rolls out pretty much like I said. While it was testing the lower triangle line it broke and reached 8550$ where buyers came and brought it back to the currnet price of 8650$. Let's see where it will stabilize and wether it will keep pushing down or rebound to previous prices. P.S. : "The sentiment is clearly bullish so even if the lower line breaks around 8700$ most possibly around 8500$ new buyers will come to the front" :)
Note
Follows beautifully my trendline prediction, second break out of the lower line retesting 8500$. Support until this time is succesfull let's see if it's keep pushing down though. Most possibly if it's keep pushing it will break until the previous point of support approximatelly at 8350$.
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