Market

BTC – H1 – WARNING TRIANGLE PATTERN IN PROGRESS ! +/- 4362 … for BITSTAMP:BTCUSD by Ironman_8848

M1 : Ongoing downtrend in progress (long black candle !)
W1 : Primary downtrend intact and failure to recover above the W1 pivot level
@ 41230.. so far
D1 : Primary downtrend in place which coincides with the clouds resistance zone .
Below both KS and MBB and also failure so far, to recover above the secondary dowtrend
resistance line. No change in my view. Watch 40’000 as the key pivot level for further development
H4 : Another failure to breakout the 40’000 has been seen yesterday’s evening which triggered a “Doji” pattern
at the top of the clouds !
H1 : Warning ! A triangle pattern is in progress, A breakout would trigger a move of +/- 4362 points, targeting

respectively 33’320 (scenario expected)
on the downside and 44’600 on the upside.
M30 : Ongoing downtrend price action in progress, below the clouds. Watch former low @ 37746 ahead of 37213.
A failure to hold above those levels would activate the triangle pattern previously mentioned.
M15: Below the clouds
M5 : Below the clouds too…
CONCLUSION :
A BREAKOUT OF EITHER 40’000 ON THE UPSIDE OR 37’000 ON THE DOWNSIDE WOULD TRIGGER A MOVE OF ROUGHLY 4’000 POINTS
Have a nice trading day
All the best and take care
Kind regards
Ironman8848

Most Related Links :
reporterwings Governmental News Finance News

Source link

Back to top button