Is triangle a huge triangle pattern on a chart. Height is around 1200 USD so the impact crater can be huge, similar move up or down can be expected. If that goes up BTC can go to parabolic move to 7000 USD, if that goes down it can make a move down to the area of a year-long uptrend around 4400 USD.
Considering following:
- number of open short grows, now it is 56% of all open positions
- negative divergence on MACD 4h
- potential head and shoulders pattern on the same support line as the lower boundary of the triangle
- potential wave C development on 5365 level breakthrough
- still, there is a swarm of waiting buyers at the level 5300-5100 the same as at the level 6000-6100
This is slightly in favor of bears but still, it is a bull market unless 5100 will fall.
I am going to see how the situation will be solved from the area above and below the triangle boundaries.
Considering following:
- number of open short grows, now it is 56% of all open positions
- negative divergence on MACD 4h
- potential head and shoulders pattern on the same support line as the lower boundary of the triangle
- potential wave C development on 5365 level breakthrough
- still, there is a swarm of waiting buyers at the level 5300-5100 the same as at the level 6000-6100
This is slightly in favor of bears but still, it is a bull market unless 5100 will fall.
I am going to see how the situation will be solved from the area above and below the triangle boundaries.
Comment:
So far so good but reversal candle worries me a bit, that will look ugly if it will be closed below 6200. Bouncing from upper trend line is not what the bulls desire.
Trade active:
Halfway there time to move up stop loss a bit
Trade active:
Almost at 7000 USD, stop loss moved much closer, considering sell at 6975
Trade closed: target reached:
Sell market price