Hello Traders,
BTC update on the larger scale, we could be seeing yet another descending triangle after this parabolic rise,
Points to consider:
- Parabolic rise into descending triangle
- Completion of possible wave 5
- Three Touches confirming price resistance, macro lower highs
- Volume Tapering off in a similar fashion
- EMA's looking to turn bearish
- stochs also showing more downwards momentum
BTC price action is looking more similar to the previous macro descending triangle that broke the well established $5,800 - $6,000 zone. We could see BTC retrace back to support (Green Zone) in the near future and if price holds support and bounces, then the likely hood of this being an actual descending triangle increases. Right now we need more price action on the longer time frame to confirm if this is the start of another potential larger move to the downside...
What are your thoughts ?
and remember,
“Learn to take losses. The most important thing in making money is not letting your losses get out of hand.” - Marty Schwartz
BTC update on the larger scale, we could be seeing yet another descending triangle after this parabolic rise,
Points to consider:
- Parabolic rise into descending triangle
- Completion of possible wave 5
- Three Touches confirming price resistance, macro lower highs
- Volume Tapering off in a similar fashion
- EMA's looking to turn bearish
- stochs also showing more downwards momentum
BTC price action is looking more similar to the previous macro descending triangle that broke the well established $5,800 - $6,000 zone. We could see BTC retrace back to support (Green Zone) in the near future and if price holds support and bounces, then the likely hood of this being an actual descending triangle increases. Right now we need more price action on the longer time frame to confirm if this is the start of another potential larger move to the downside...
What are your thoughts ?
and remember,
“Learn to take losses. The most important thing in making money is not letting your losses get out of hand.” - Marty Schwartz