BTC 1W Descending Triangle
BTC 1W Chart.
I"ve been watching this descending triangle for last 3-4months.. I drew the chart with the possible path of price action back then. There are couple things that can indicate this chart will play out.
1. Price going up + volume going down = bearish ( From september to october end ) (More on that comment section.)
2. Price giving Lower Highs ( 5th September and 31th October), while RSI giving Higher Highs, That is "HIDDEN BEARISH DIVERGENCE" ( more on that in comment ) .
3. The RSI line( purple) broke down from the RSI BASED MA (yellow). The yellow line moving average is considered as a support/resistance based upon where the RSI line is. So the MA line will be acting as resistance now.
IDEAL BREAKOUT TARGET: 12.8k
We won't straight drop there , we will most likely retest the ascending traingle's STL ( now turned into a resistance ). Then drop down to 15.9k area there's some support there. Maybe some consolidation there then ultimately break down to the IDEAL BREAKOUT TARGET.
I took my short entry at 21.k . Do not FOMO into shorting now. Wait for a better entry. PERFECT ENTRY & PROPER POSITION SIZING is the main key to success in future trading.
Non Financial advise. Do your own research . Trade at your own risk.
#BTCUSD #BTC#futuretrading#tradeanalysis#cryptocurrency#binance
I"ve been watching this descending triangle for last 3-4months.. I drew the chart with the possible path of price action back then. There are couple things that can indicate this chart will play out.
1. Price going up + volume going down = bearish ( From september to october end ) (More on that comment section.)
2. Price giving Lower Highs ( 5th September and 31th October), while RSI giving Higher Highs, That is "HIDDEN BEARISH DIVERGENCE" ( more on that in comment ) .
3. The RSI line( purple) broke down from the RSI BASED MA (yellow). The yellow line moving average is considered as a support/resistance based upon where the RSI line is. So the MA line will be acting as resistance now.
IDEAL BREAKOUT TARGET: 12.8k
We won't straight drop there , we will most likely retest the ascending traingle's STL ( now turned into a resistance ). Then drop down to 15.9k area there's some support there. Maybe some consolidation there then ultimately break down to the IDEAL BREAKOUT TARGET.
I took my short entry at 21.k . Do not FOMO into shorting now. Wait for a better entry. PERFECT ENTRY & PROPER POSITION SIZING is the main key to success in future trading.
Non Financial advise. Do your own research . Trade at your own risk.
#BTCUSD #BTC#futuretrading#tradeanalysis#cryptocurrency#binance
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.