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After all the hype at the beginning of this year, price has kept going lower. A very bearish descending triangle is still forming and together with the rejection of BTC ETF (which will not happen any time soon) this could crash hard!
Be aware! Trade carefully and don't risk anything you're not willing to lose! GL all
This is not an instrument that I actively trade but as a student of Technical Analysis and due to the hype prevailing on this instrument, It has become a point of interest to see if what I have learnt so far can be applied to any market (so far stellar results. Thank you Trade Empowered/Tier One mentors) and this instrument is proving to be a perfect testing ...
A descending triangle as a major pattern and two symmetrical triangles as minor pattern based in fractality.
Support (triangle's base)=$5855
The horizontal levels are percentages retracement (30%,50%,60%,70%,80%,85%,90%) with initial point $725.4 (11 Jan 2017) and an endpoint at ATH 0.04% .
I do not use Bitmex regularly for long-term analysis but I think ...
If it is, 64% it will break down
Descending triangle portraying lower highs and support is being tested multiple times @0.75173, meaning when support level is broken, a breakout may occur. Although there was a previous false breakout where support was broken and price retraced back up. If price does break again a SELL STOP trigger line is set @0.74374 for confirmation of downtrend.
My validation ...
The price has formed a descending triangle, after the break it retested the new resistance level and bounced downwards. The price has saw a massive bearish move over the last 4 hours, but looks like the push is going to come to an end as the price s still in the bearish channel. We could see a retracement take place very soon. I would keep everyone updated on my ...
A rough guide of how price might follow if we are following ABCDE elliot wave scenario.
Any thoughts/opinons appreciated.
Pressure for a breakout has been building in the past few weeks.
A Bullish engulfing candle could be the signal for more.
Here we have a double top formed on a 4 hour keeping inside a strong bearish rectangle. Level 0.98654 has not been broken and respected perfectly creating this formation, also strong convergence with the RSI and Stoch. If the 50% Fib level is broken at 0.98048 I will be looking at shorting this to around 0.97205 support level. It is also visible that it is being ...
Price is currently at the top of a descending triangle.. my bias is that price will break to the downside. Look for the close on the daily timeframe, if price does not break the top and instead shows a reversal candle use the counter trend line (4 hourly) to enter. On the 4 hour time frame there is also regular divergence visible, further suggesting a sell.
This descending triangle has been setting up for weeks now, wait and see how it reacts around the 1.52 area if it breaks target support at 1.51 if it can get through here it has a long way to go down.