Indeed very interesting performance of XBT in the past 48 hours.
Things to look out for:
– latest drop candle turned out positive, watch out for following daily-candles to assess direction
– the inside formation does not conform to the outside formation, triangle vs. wedge (= crooked formation)
– unfinished connections throughout the whole formation
– possibility of upside breakout now available (depending wether it will break the September high)
– heavy-weight 200MA line coming in steep for support
– XBT currently right under the 20 and 50 moving averages
Personal note: If by the next couple days a run for a higher high above 10'442 is left out, get ready to short. A run above the 50MA could set the stock to breakout above the triangle (a 'touch' inside the triangle is necessary). Remember, the stock is always trying to retake previous highs (and vise versa for lower lows). In this case it's the September high which is target Nr 1 (I see this as unlikely). Along with that, this whole triangle formation is a tiny one inside a huge triangle (zoom out). The 5th touch needed for the main triangle would be at a much lower price, and it's coming, if you want it or not. All we're doing here is finding out the "how" we're gonna get there.
Things to look out for:
– latest drop candle turned out positive, watch out for following daily-candles to assess direction
– the inside formation does not conform to the outside formation, triangle vs. wedge (= crooked formation)
– unfinished connections throughout the whole formation
– possibility of upside breakout now available (depending wether it will break the September high)
– heavy-weight 200MA line coming in steep for support
– XBT currently right under the 20 and 50 moving averages
Personal note: If by the next couple days a run for a higher high above 10'442 is left out, get ready to short. A run above the 50MA could set the stock to breakout above the triangle (a 'touch' inside the triangle is necessary). Remember, the stock is always trying to retake previous highs (and vise versa for lower lows). In this case it's the September high which is target Nr 1 (I see this as unlikely). Along with that, this whole triangle formation is a tiny one inside a huge triangle (zoom out). The 5th touch needed for the main triangle would be at a much lower price, and it's coming, if you want it or not. All we're doing here is finding out the "how" we're gonna get there.
Note
brace for impact, XBT could slip under (4H chart)
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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.