We're not out of the woods yet. < $20K BTC is still possible.
This is the same idea as last one but with Candles so that new bars will load (this feature is not available for Renko bars).
An Expanding Triangle is a pattern that starts with the price action squeezed tightly in the Apex (dotted blue line). There will be usually at least two swing highs and two swing lows in price. Overall volume usually diminishes as the pattern develops because traders become more and more unsure as to the market’s future direction. Also there may be several intermediate failed efforts to reach either the support or resistance as outlined by the triangle extensions. If the action creates a new bearish breakdown, typically the action will repeat the volatility experienced with the Pole creation (the vertical blue lines). We also need to pay close attention to the volume after the breakdown to recognise further development for the pattern. Another breakdown downwards is possible. Let's see what's gonna happen.
Safe trading everyone.
An Expanding Triangle is a pattern that starts with the price action squeezed tightly in the Apex (dotted blue line). There will be usually at least two swing highs and two swing lows in price. Overall volume usually diminishes as the pattern develops because traders become more and more unsure as to the market’s future direction. Also there may be several intermediate failed efforts to reach either the support or resistance as outlined by the triangle extensions. If the action creates a new bearish breakdown, typically the action will repeat the volatility experienced with the Pole creation (the vertical blue lines). We also need to pay close attention to the volume after the breakdown to recognise further development for the pattern. Another breakdown downwards is possible. Let's see what's gonna happen.
Safe trading everyone.
Comment:
BTC is at the 200 sma / 20 w sma! If it gets above it, I don't think we get a new ATH soon. The conditions are not there yet imo. For now let's see if it gets above it. If it does, the ideal situation would be that it stays above it for a couple of weeks and comes back to test it in September or so.
Comment:
BTC broke the 20 w SMA. But not the 200 day SMA ($45K) and it also didn't break the downtrend line yet. We need to break above these too and close the week above it.
Scenario 1: If it’s rejected, 29-30k euro is the support that everyone is looking at but I expect it to go lower in the range of my pattern. I’m a holdler and not a trader so I have laddering buy orders placed starting at this range.
Scenario 2: If it breaks the 200 day SMA everyone will be bullish, but be very careful here. BTC always comes back to test the 200 day SMA and always goes below it again and even further down.