Bitcoin - Symmetrical Triangle & Retest of the Previous Supports
Bitcoin is retesting previous support of the $3.477 level and has managed to bounce back above of the diagonal support level.
In the daily timeframe it's showing a symmetrical triangle pattern which is considered rather neutral pattern. Neutral means that it might not have a bias and has a chance to break either way. That's why it's important to gather information from the other indicators that may support the upcoming breakout.
Volume has been keeping to declining heavily which fits in to this pattern. As the price progresses towards the peak, volume should be minimal until it starts breaking out with expanding volume.
Trade careful out there!
If you come up with any questions feel free to ask!
Things to Remember:
DISCLAIMER:
Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything.
Yarr
In the daily timeframe it's showing a symmetrical triangle pattern which is considered rather neutral pattern. Neutral means that it might not have a bias and has a chance to break either way. That's why it's important to gather information from the other indicators that may support the upcoming breakout.
Volume has been keeping to declining heavily which fits in to this pattern. As the price progresses towards the peak, volume should be minimal until it starts breaking out with expanding volume.
Trade careful out there!
If you come up with any questions feel free to ask!
Things to Remember:
- Stop-loss orders are strongly recommended.
- Fomos likely lead to a loss.
- Do your homework before investing or trading.
DISCLAIMER:
Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything.
Yarr
