Bitcoin Is Moving Slow. It Now Has A Higher Chance Of Dipping As It Has Now Formed A Descending Triangle.
First order of business if for the bulls to break out of the resistance line of the descending triangle for further upwards price action, otherwise price will be trapped in the descending triangle and the chance of price breaking towards the downside will increase.
RSI has a strong bullish divergence so bears may be losing steam and will end up giving the bulls a chance to break out through the resistance.
Downside Breakout Target: $8.2K
Upside Breakout Target: $9075
Watch out for STOPS-HUNTING BOTS!!!!
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
First order of business if for the bulls to break out of the resistance line of the descending triangle for further upwards price action, otherwise price will be trapped in the descending triangle and the chance of price breaking towards the downside will increase.
RSI has a strong bullish divergence so bears may be losing steam and will end up giving the bulls a chance to break out through the resistance.
Downside Breakout Target: $8.2K
Upside Breakout Target: $9075
Watch out for STOPS-HUNTING BOTS!!!!
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
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Big Decision For Bitcoin
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Price has come from a local uptrend. Market structure at support level has been maintained. Possible continuation of upward move out of the horizontal triangle.
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Looking at the bigger picture and in all simplicity, this bullish divergence has to be fulfilled no matter what.
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The Bulls are showing weakness. The Bears are pulling price down to BEAR TERRITORY.
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Bulls are fighting back! Chart has a Double Bottom.
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But where is the volume? NADA?
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Bulls are trying to fight back, but where is the volume? NADA?
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Volume Increasing Now.
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Bulls got trapped, and no other bulls showed up for the party! They gave the bears the ball. It's bear time!
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Will The Bulls Be Able To Escape
The Claws Of The Bears???
The Claws Of The Bears???
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Descending Triange Breakout To Downside Fulfilled.
