BTC 1W Descending Triangle
BTC 1W Chart.
I"ve been watching this descending triangle for last 3-4months.. I drew the chart with the possible path of price action back then. There are couple things that can indicate this chart will play out.
1. Price going up + volume going down = bearish ( From september to october end ) (More on that comment section.)
2. Price giving Lower Highs ( 5th September and 31th October), while RSI giving Higher Highs, That is "HIDDEN BEARISH DIVERGENCE" ( more on that in comment ) .
3. The RSI line( purple) broke down from the RSI BASED MA (yellow). The yellow line moving average is considered as a support/resistance based upon where the RSI line is. So the MA line will be acting as resistance now.
IDEAL BREAKOUT TARGET: 12.8k
We won't straight drop there , we will most likely retest the ascending traingle's STL ( now turned into a resistance ). Then drop down to 15.9k area there's some support there. Maybe some consolidation there then ultimately break down to the IDEAL BREAKOUT TARGET.
I took my short entry at 21.k . Do not FOMO into shorting now. Wait for a better entry. PERFECT ENTRY & PROPER POSITION SIZING is the main key to success in future trading.
Non Financial advise. Do your own research . Trade at your own risk.
#BTCUSD #BTC#futuretrading#tradeanalysis#cryptocurrency#binance
I"ve been watching this descending triangle for last 3-4months.. I drew the chart with the possible path of price action back then. There are couple things that can indicate this chart will play out.
1. Price going up + volume going down = bearish ( From september to october end ) (More on that comment section.)
2. Price giving Lower Highs ( 5th September and 31th October), while RSI giving Higher Highs, That is "HIDDEN BEARISH DIVERGENCE" ( more on that in comment ) .
3. The RSI line( purple) broke down from the RSI BASED MA (yellow). The yellow line moving average is considered as a support/resistance based upon where the RSI line is. So the MA line will be acting as resistance now.
IDEAL BREAKOUT TARGET: 12.8k
We won't straight drop there , we will most likely retest the ascending traingle's STL ( now turned into a resistance ). Then drop down to 15.9k area there's some support there. Maybe some consolidation there then ultimately break down to the IDEAL BREAKOUT TARGET.
I took my short entry at 21.k . Do not FOMO into shorting now. Wait for a better entry. PERFECT ENTRY & PROPER POSITION SIZING is the main key to success in future trading.
Non Financial advise. Do your own research . Trade at your own risk.
#BTCUSD #BTC#futuretrading#tradeanalysis#cryptocurrency#binance
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