BTCUSD DESCENDING TRIANGLE!
Hello Traders!
Welcome to another update, today's chart will be on BTC, hourly timeframe!
Points to consider,
- Clean descending triangle
- Potential retest of support
- Trend putting in lower highs
- RSI respecting downwards resistance
- Stochastics showing downwards momentum
- Low volume
- EMA’s giving price resistance
- VPVR showing decreasing transaction from current price
It is pretty clear that BTCUSD in forming a descending triangle which is a bearish formation bound to break to the downside. We have clear lower highs being put in and a strong flat base of support, which has been tested multiple times.
In this lower timeframe, we, with a high probability could see a retest of the support base, price is currently testing the upper resistance trend line…
The RSI is looking quite bearish, we can see that it is respecting it’s downwards resistance, also putting in lower highs. Furthermore, we have the stochastics showing more potential downwards momentum being at play.
EMA’s are currently giving price resistance as bulls try to defend local support, this support however does like quite weak (Red Line). If this local support is broken, then bears are able to push price back down to support, posting a potential 7% + move to the downside...
However, if bulls are able to break this strong resistance, then the whole descending triangle is negated, we will then need to reanalyze the situation.
What are your thoughts? Will BTCUSD retest its support? Or will bears break through resistance?
Please leave a like and comment
And remember,
If you personalize losses, you can’t trade.” – Bruce Kovner
Welcome to another update, today's chart will be on BTC, hourly timeframe!
Points to consider,
- Clean descending triangle
- Potential retest of support
- Trend putting in lower highs
- RSI respecting downwards resistance
- Stochastics showing downwards momentum
- Low volume
- EMA’s giving price resistance
- VPVR showing decreasing transaction from current price
It is pretty clear that BTCUSD in forming a descending triangle which is a bearish formation bound to break to the downside. We have clear lower highs being put in and a strong flat base of support, which has been tested multiple times.
In this lower timeframe, we, with a high probability could see a retest of the support base, price is currently testing the upper resistance trend line…
The RSI is looking quite bearish, we can see that it is respecting it’s downwards resistance, also putting in lower highs. Furthermore, we have the stochastics showing more potential downwards momentum being at play.
EMA’s are currently giving price resistance as bulls try to defend local support, this support however does like quite weak (Red Line). If this local support is broken, then bears are able to push price back down to support, posting a potential 7% + move to the downside...
However, if bulls are able to break this strong resistance, then the whole descending triangle is negated, we will then need to reanalyze the situation.
What are your thoughts? Will BTCUSD retest its support? Or will bears break through resistance?
Please leave a like and comment
And remember,
If you personalize losses, you can’t trade.” – Bruce Kovner
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