ZILBTC! Day chart has Bullish Divergence, and trying to re-enter the busted downward channel chart pattern for a second time.
What Are Busted Chart Patterns?
A busted chart pattern is one in which price breaks out in one direction from a chart pattern, but moves less than 10% before reversing and breaking out in the new direction.
Channel Identification Guidelines
Characteristic: The price trend leading to the channel can be from any direction. The shape is tilted up or down, but not horizontal. The two trendlines should be parallel or nearly so. Both should tilt upward or both should tilt downward.The Price should touch each trendline at least twice as distinct peaks or valleys. The crossing price should cross the pattern from trendline to trendline, nearly filling the available space. Breakout occurs when price closes outside the trendline boundary and can be in any direction.
Time Frame: Day chart
My Targets: Probability can change base on BTC actions.
Possible Entry: What I'm looking for:
.00000230 - .00000250
Resistance needed to break with candle close
.00000246
Targets: Can exceed or not meet expectation
1 .00000308
2 .00000400
Stop: Base on a Daily Candle Close.
.0000021
Please remember to DYOR and this is not financial or investment advice. It's my targets for the market at this moment. Please let me know what you think of my technical analysis and thank you.
What Are Busted Chart Patterns?
A busted chart pattern is one in which price breaks out in one direction from a chart pattern, but moves less than 10% before reversing and breaking out in the new direction.
Channel Identification Guidelines
Characteristic: The price trend leading to the channel can be from any direction. The shape is tilted up or down, but not horizontal. The two trendlines should be parallel or nearly so. Both should tilt upward or both should tilt downward.The Price should touch each trendline at least twice as distinct peaks or valleys. The crossing price should cross the pattern from trendline to trendline, nearly filling the available space. Breakout occurs when price closes outside the trendline boundary and can be in any direction.
Time Frame: Day chart
My Targets: Probability can change base on BTC actions.
Possible Entry: What I'm looking for:
.00000230 - .00000250
Resistance needed to break with candle close
.00000246
Targets: Can exceed or not meet expectation
1 .00000308
2 .00000400
Stop: Base on a Daily Candle Close.
.0000021
Please remember to DYOR and this is not financial or investment advice. It's my targets for the market at this moment. Please let me know what you think of my technical analysis and thank you.