BTCUSDT : bearish triangle instead of bullish ?
Hi guys,
so we move as expected. little bounce on the support, i tried to make a count if the price remain in this triangle. the wave form lead me to think that this is a bearish triangle instead of a bullish one.
When counting a ABCDE triangle you need to start the count at the right place. You never count the first leg as A but you spot the first ABC 3 waves bounce and start here . Please observe the first part of this image :
ibb.co/GRPbkWX
with this :
The RSI follows the pattern.
All of these information lead me to think that this is a bearish formation
so we move as expected. little bounce on the support, i tried to make a count if the price remain in this triangle. the wave form lead me to think that this is a bearish triangle instead of a bullish one.
When counting a ABCDE triangle you need to start the count at the right place. You never count the first leg as A but you spot the first ABC 3 waves bounce and start here . Please observe the first part of this image :
ibb.co/GRPbkWX
with this :
The RSI follows the pattern.
All of these information lead me to think that this is a bearish formation
Trade active:
the ABC scenario remain, i was updating the triangle hypothesis from last post :
Comment:
watch resistance and support
