BTCUSD: Stuck In A Symmetrical Triangle Ready To Break On 1 Hr
For over a day and a half Bitcoin has formed a symmetrical triangle against the dollar, while being stuck between the 200 Day MA and the 200 Day EMA. The symmetrical triangle is 52 bars (2d4h) long with 75% completion working out as 39 bars (1d15h) - the current hourly candle. Notably the 200 Day MA is no longer in the triangle, so a retest would therefore breach the triangle pattern. I'm therefore now looking for a small move 6%+ in either direction, likely retesting the breakout levels (or the end of the symmetrical triangle) before continuing to move in the same direction a little further.
The breakout target to the upside if the pattern is broken as expected would be $9099 (to descending triangle resistance), while to the downside $7807, breaching local support and heading close to the 100 Week MA at $7850, where the price would likely stabilize temorarily in my opinion (<$8k).
Note symmetrical triangles are considered neither bullish nor bearish but continuation patterns. In this case, a continuation of bearish momentum, despite bullish divergence on the RSI as well as a positive CMF and MACD.
Price stuck Between 200 Day MA & EMA (25/09):
Descending Triangle Quick Short To Support (23/09):
Measuring The Move of the Descending Triangle Breakdown (15/09)
A repeat of 2014? Worst Case Scenario A $2,500 Low (15/09):
If Bitcoin Repeats History? Extrapolating 2012 Breakdown
The breakout target to the upside if the pattern is broken as expected would be $9099 (to descending triangle resistance), while to the downside $7807, breaching local support and heading close to the 100 Week MA at $7850, where the price would likely stabilize temorarily in my opinion (<$8k).
Note symmetrical triangles are considered neither bullish nor bearish but continuation patterns. In this case, a continuation of bearish momentum, despite bullish divergence on the RSI as well as a positive CMF and MACD.
Price stuck Between 200 Day MA & EMA (25/09):
Descending Triangle Quick Short To Support (23/09):
Measuring The Move of the Descending Triangle Breakdown (15/09)
A repeat of 2014? Worst Case Scenario A $2,500 Low (15/09):
If Bitcoin Repeats History? Extrapolating 2012 Breakdown
코멘트:
Correction: If Bitcoin Repeats History? Extrapolating 2012 Breakdown
코멘트:
Looks confirmed to me and set to break out either way very soon.
액티브 트레이드:
Very much like this :-) Break even stop loss.
거래청산: 스탑 닿음:
Tapped out for break even, next piece of analysis:
거래청산: 타겟 닿음:
Reached the 100 Week MA successfully then, triangle pattern completed.
