BTC : Mixed signals
Well.. symmetrical triangles are usually seen as continuation patterns until proven otherwise. They are also one of the least reliable patterns, but on daily charts, this could mean something else.
My interpretation is that, the trendline should and must be approached/touched to get a healthy uptrend. The minimum implication of the symmertical triangle confirms that trendline will be at least approached within April/Mai.
The high volume on the downside breakout of the triangle confirms the decisive downside breakout ( Despite it is not necessary in downside breakouts but it adds to its weight).
BUT.. The RSI down below is moving in a bullish falling wedge, which means the we are seeing a false breakout to the downside, which will result in a sharper move to the opposite side...
So my Analysis here is neutral... Both downside and Upside movements might happen suddenly and surprise everyone. I prefer to see a trendline approach, if this does not happen, we could see an exhaustion at around 100k and then a drastic move down back to where it was (70-75k) before rallying up again.
I am open for other Ideas. Please let me know if you see things i am not able to in your analysis.
Cheers,
Yours truly
My interpretation is that, the trendline should and must be approached/touched to get a healthy uptrend. The minimum implication of the symmertical triangle confirms that trendline will be at least approached within April/Mai.
The high volume on the downside breakout of the triangle confirms the decisive downside breakout ( Despite it is not necessary in downside breakouts but it adds to its weight).
BUT.. The RSI down below is moving in a bullish falling wedge, which means the we are seeing a false breakout to the downside, which will result in a sharper move to the opposite side...
So my Analysis here is neutral... Both downside and Upside movements might happen suddenly and surprise everyone. I prefer to see a trendline approach, if this does not happen, we could see an exhaustion at around 100k and then a drastic move down back to where it was (70-75k) before rallying up again.
I am open for other Ideas. Please let me know if you see things i am not able to in your analysis.
Cheers,
Yours truly
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