I've made myself few rules for trading Triangles.
1. Horizontal Line that touches at least two points
2. Trend Line touches at least two points and intersect with horizontal line
3.Draw a Fibonacci Retracement from top to bottom of the Triangle
Entrance rules
Before triangle breakout, price must retrace between .236 and .382.
Target is distance from top to bottom...
This is simply the best strategy for Bitcoin.
Did you catch the move ?
Best works for Long trades on Daily , 12 Hour and 6 Hour.
In order to change bearish or bullish, candle has to close below or above the indicator line.
Analyzing Bitcoin AB=CD patterns they see to appear quiet often.
Dropping from 13.2 K to 9K we had a correction of 50%.
Now the scenarios that are more likely to occur.
Dropping below B point ( 9000 ), will likely push us into a panic mode which may drop us as low as low 7000 where is a potentially good buying opportunity.
If we fail to get that low and market...
RSI staying above 50 level
MACD crossed about 10 hours ago
IF breaks the Cloud and is Able to sustain for a few hours the price above the cloud , trend will turn bullish.
1H chart showing double top at around 3.30
MACD crossed
RSI moving out of overbought zone
Ichimoku showing support at around 2.85
Expect XRP to drop around 2.77 - 2.60 (recommended buy zone)
