XBT/USD reaching the end of a bullis descending triangle patternAs the title says , we're reaching the end of a perfectly respected bullish descending triangle pattern, entries must be confirmed with aditional indicators and maybe some news to have a more precise point, also you can find our potential long entry zone plotted.
If the breakout happens, the first test will be around the 0.23 Support wich equals more or less to a resistance level from feb last year.
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XBTUSD Bullish and bearish scenarios, what to look forLooking at the 1H chart currently:
Bullish signs:
Retrace into optimal fib zone for now
Some local higher lows
Clean break above 4040 would add bullishness
Bearish signs:
Struggling to stay above that white level which is also 0.5 of the range we're in right now
Made a swing failure which indicates a stop run was made for shorts
Clean break below 3730 (last low) would add bearishness.
Overall I'm leaning bearish for now, but we'll have to see a break on either side to decide further action.
Trade wisely.
Another Confirmation For Existing Trend BTCSo just earlier we saw Bitcoin drop below its existing trend line for support. Then it popped up back above that support meaning we had false breakout downwards. So I'm taking this as another confirmation for the existing trendline we are on. Currently we are relatively oversold on RSI, MACD has crossed indicating the end of the short term downtrend, and Volume is steadily increasing over time along this bear market.