Falling wedge and bullish pennant & trading setup
HI, this is NEXGEN Investment.
BTC is experiencing a price adjustment after the Tether issue on Bitfinex exchange. Now BTC is forming specific patterns.
The patterns are Falling wedge and bullish pennant.
Completion of both patterns is bullish movement.
Trading volume is an essential factor in both patterns.
The Trading volume must be decreasing as the price decreases.
On top of that, there is HIdden Bullish Divergence. If the price does not drop to $ 6300, HIdden Bullish Divergence will at least lead the price to bounce from the drop.
It is essential to look at the resistance line and see if the breakout happens along with the sufficient trading volume. The trading volume must be huge enough to tell the pattern has completed.
Trading Setup
Green - EP
SkyBlue - TP
Red - SL
Thanks. Have a wonderful Friday and Weekend!
BTC is experiencing a price adjustment after the Tether issue on Bitfinex exchange. Now BTC is forming specific patterns.
The patterns are Falling wedge and bullish pennant.
Completion of both patterns is bullish movement.
Trading volume is an essential factor in both patterns.
The Trading volume must be decreasing as the price decreases.
On top of that, there is HIdden Bullish Divergence. If the price does not drop to $ 6300, HIdden Bullish Divergence will at least lead the price to bounce from the drop.
It is essential to look at the resistance line and see if the breakout happens along with the sufficient trading volume. The trading volume must be huge enough to tell the pattern has completed.
Trading Setup
Green - EP
SkyBlue - TP
Red - SL
Thanks. Have a wonderful Friday and Weekend!
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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.
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.