Bitcoin / Tether USDUpdated BTCUSDT : bearish triangle instead of bullish ?
Hi guys,
so we move as expected. little bounce on the support, i tried to make a count if the price remain in this triangle. the wave form lead me to think that this is a bearish triangle instead of a bullish one.
When counting a ABCDE triangle you need to start the count at the right place. You never count the first leg as A but you spot the first ABC 3 waves bounce and start here . Please observe the first part of this image :
ibb.co/GRPbkWX
with this :
The RSI follows the pattern.
All of these information lead me to think that this is a bearish formation
so we move as expected. little bounce on the support, i tried to make a count if the price remain in this triangle. the wave form lead me to think that this is a bearish triangle instead of a bullish one.
When counting a ABCDE triangle you need to start the count at the right place. You never count the first leg as A but you spot the first ABC 3 waves bounce and start here . Please observe the first part of this image :
ibb.co/GRPbkWX
with this :
The RSI follows the pattern.
All of these information lead me to think that this is a bearish formation
Trade active
the ABC scenario remain, i was updating the triangle hypothesis from last post :Note
watch resistance and support
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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.