Bullish Descending Triangle Reversal Opportunity - Break of trendline, and decreasing volume on pullback.
Disclaimer: This is not financial advice and is only for educational purposes. Always use your own analysis when making a trade. Cheers!
Price has been consolidating in a descending triangle formation. The sellers have steadily been harder and harder to find, and the market movers have slowly been accumulating their positions in my opinion.
This is a medium risk trade.
Waiting for break of the descending trendline. The Fib lines make nice target areas. I will watch as we approach those levels to see what the reactions will be on a smaller timeframe. 30 min, hourly
Targets 1 and 2 are higher probability in the near term, 3 and 4 will take some time and good news in the market space. It seems to me a lot of the FUD is dying out and we are starting to see some more positive news coverage. Usually a sign that the market makers want us to believe in crypto again and go into a buying frenzy. We'll see what happens.
Disclaimer: This is not financial advice and is only for educational purposes. Always use your own analysis when making a trade. Cheers!
Price has been consolidating in a descending triangle formation. The sellers have steadily been harder and harder to find, and the market movers have slowly been accumulating their positions in my opinion.
This is a medium risk trade.
Waiting for break of the descending trendline. The Fib lines make nice target areas. I will watch as we approach those levels to see what the reactions will be on a smaller timeframe. 30 min, hourly
Targets 1 and 2 are higher probability in the near term, 3 and 4 will take some time and good news in the market space. It seems to me a lot of the FUD is dying out and we are starting to see some more positive news coverage. Usually a sign that the market makers want us to believe in crypto again and go into a buying frenzy. We'll see what happens.