BTC: Ascending Triangle Invalidated
Updated
BTC seemed to form an ascending triangle that would have threatened the next leg lower if it completed, however the rising support has a confirmed break, which keeps the initial price paths that I published intact. As per the chart drawings, BTC rallies should be limited to the descending channel resistance until it reaches the fib levels that coincide with previous support/resistance, illustrated by the horizontal green lines.
Trade Plan: Add to short at channel resistance, reduce short at channel support and switch to long position inside the time window when the price is at a green support line. A break of the descending channel resistance negates this setup, but be aware of false breaks.
Also see my previous trades ideas, which are still in play: "BTC: Q4 2021 Prediction", "BTC: 2 Week Potential Price Path" and "BTC: 10 Day Potential Price Path"
Trade Plan: Add to short at channel resistance, reduce short at channel support and switch to long position inside the time window when the price is at a green support line. A break of the descending channel resistance negates this setup, but be aware of false breaks.
Also see my previous trades ideas, which are still in play: "BTC: Q4 2021 Prediction", "BTC: 2 Week Potential Price Path" and "BTC: 10 Day Potential Price Path"
Trade closed manually
Closed early
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