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So, whats happening in BTC is interesting. YES, bears are still in the game. but don't forget, Bulls and Bears, they are same.
We are looking at 3 type of chart patterns now in 2H time frame;
1. Descending Triangle : Blue line is making support and btc is forming lower high. Its a bearish trend.
2. Symmetrical Trangle : Light pink color trend line showing this triangle. it can be either bullish or bearish, depending on the market. In either case, it is normally a continuation pattern, which means the market will usually continue in the same direction as the overall trend once the pattern has formed.
3. Uptrend support line : Red line indicating support which was tested 4 times. If BTC break this time, we are going to see a healthy correction.
Note: RSI is showing lower low divergence which is bullish.
Hence, right now its very neutral situation. I am not taking any trade and will go with the flow. I may open Long or Short if chart shows any confirmation.
Safe Trading!!!
So, whats happening in BTC is interesting. YES, bears are still in the game. but don't forget, Bulls and Bears, they are same.
We are looking at 3 type of chart patterns now in 2H time frame;
1. Descending Triangle : Blue line is making support and btc is forming lower high. Its a bearish trend.
2. Symmetrical Trangle : Light pink color trend line showing this triangle. it can be either bullish or bearish, depending on the market. In either case, it is normally a continuation pattern, which means the market will usually continue in the same direction as the overall trend once the pattern has formed.
3. Uptrend support line : Red line indicating support which was tested 4 times. If BTC break this time, we are going to see a healthy correction.
Note: RSI is showing lower low divergence which is bullish.
Hence, right now its very neutral situation. I am not taking any trade and will go with the flow. I may open Long or Short if chart shows any confirmation.
Safe Trading!!!