BTC - H1/M15 - TRADING IN THE ZONE - AT A GLANCE - BREAKOUT ?
H1 : Still under the influence of this rising wedge pattern with the basis already tested once !
Failure to recover above both KS and MBB is not positive
Looks like recent price action is corrective only in an ongoing bearish price action
In order to neutralise this remaining selling pressure, BTC should quickly recover above both
downtrend line (in red) and MBB, currently @ 48911.
A failure to do it would put the focus again on the potential breakout of the rising wedge for
a second time !
M15 : Breakout of the widening wedge pattern failed once and the long white bullish candle neutralised
for a while the downside risk.
Nevertheless, the lack of followthrough (ie failure to recover above MBB and TS) is a first signal that
in this time frame, that the base of this widening wedge will probably be retested again a second time.
Therefore, watch very carefully price action over the coming M15 period (s) to catch validation or invalidation
of the breakout of this pattern.
Failure to recover above both KS and MBB is not positive
Looks like recent price action is corrective only in an ongoing bearish price action
In order to neutralise this remaining selling pressure, BTC should quickly recover above both
downtrend line (in red) and MBB, currently @ 48911.
A failure to do it would put the focus again on the potential breakout of the rising wedge for
a second time !
M15 : Breakout of the widening wedge pattern failed once and the long white bullish candle neutralised
for a while the downside risk.
Nevertheless, the lack of followthrough (ie failure to recover above MBB and TS) is a first signal that
in this time frame, that the base of this widening wedge will probably be retested again a second time.
Therefore, watch very carefully price action over the coming M15 period (s) to catch validation or invalidation
of the breakout of this pattern.
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.