BTC Update.
At the moment on BTC I am following what I perceive to be a Triangle Formation and in this particular case a Bearish Triangle as depicted in the chart.
Why is it labelled bearish? Because a triangle represents indecision within the market but the standard practice / bias for a triangle is to follow its previous market direction.
We can then see that BTC attempted a breakout to the top of the triangle however upon being over purchased, attempted a retest and failed ultimately leading to a bearish engulfing which demonstrates that the seller were again in control.
Personally I am looking for a close above 31.7k to confirm that we have some sort of bullish momentum back in play however until then I am just watching, waiting and refining my knowledge.
As we like to say in the trading community - Part Visionary, Part Story Teller. The charts offer you the beginning of the story, the middle but never the end. This is were calculated risk and education come into play to predict the next move.
*Any information posted or provided by myself and/or Group is not financial or legal advice of any kind. Always do your own research and analysis.
At the moment on BTC I am following what I perceive to be a Triangle Formation and in this particular case a Bearish Triangle as depicted in the chart.
Why is it labelled bearish? Because a triangle represents indecision within the market but the standard practice / bias for a triangle is to follow its previous market direction.
We can then see that BTC attempted a breakout to the top of the triangle however upon being over purchased, attempted a retest and failed ultimately leading to a bearish engulfing which demonstrates that the seller were again in control.
Personally I am looking for a close above 31.7k to confirm that we have some sort of bullish momentum back in play however until then I am just watching, waiting and refining my knowledge.
As we like to say in the trading community - Part Visionary, Part Story Teller. The charts offer you the beginning of the story, the middle but never the end. This is were calculated risk and education come into play to predict the next move.
*Any information posted or provided by myself and/or Group is not financial or legal advice of any kind. Always do your own research and analysis.