BTC 2019-12-09 Triangle: Bullish Reversal or Contracting?
ที่อัปเดต:
Hi guys,
Today presents an interesting situation with the triangle that is forming. Granted, there have been large volume spikes and market volatility which makes the actual ABDCE count hard, but I think it is still there. The two primary options are either be a bullish reversal triangle triggering a movement upwards or a contracting triangle with a large move downwards.
I am leading towards the downward direction at this time with a short position active. Be careful to manage positions well if you are playing this market. Anything can happen with a push in either direction.
Which triangle do you think it is or is it even a triangle? Is something else is forming? Let me know in the comments!
Time Frames With Indicators:
1-2 hour: RSI is stuck in the middle range. STOCH is showing bullish signs with price action. MACD was riding above the histogram for sometime and has room to move down.
4-12 hour: Bearish signs are there noting recent lack of volumes, price action, and strength because of the recent downturn and lack of movement last night.
I am a simple market analyst - not a financial analyst
fortis Fortuna adiuvat - fortune favors the brave
Today presents an interesting situation with the triangle that is forming. Granted, there have been large volume spikes and market volatility which makes the actual ABDCE count hard, but I think it is still there. The two primary options are either be a bullish reversal triangle triggering a movement upwards or a contracting triangle with a large move downwards.
I am leading towards the downward direction at this time with a short position active. Be careful to manage positions well if you are playing this market. Anything can happen with a push in either direction.
Which triangle do you think it is or is it even a triangle? Is something else is forming? Let me know in the comments!
Time Frames With Indicators:
1-2 hour: RSI is stuck in the middle range. STOCH is showing bullish signs with price action. MACD was riding above the histogram for sometime and has room to move down.
4-12 hour: Bearish signs are there noting recent lack of volumes, price action, and strength because of the recent downturn and lack of movement last night.
I am a simple market analyst - not a financial analyst
fortis Fortuna adiuvat - fortune favors the brave
บันทึกช่วยจำ
This candle is currently falling out of the triangle. Let's see if it closes lower leading to a 2 hour EMA breakdown. This is an interesting development.บันทึกช่วยจำ
Update for 12/17/2019:Symmetrical triangle indeed! Short positions up are around +10% as of today. Now there is buffer room to wait. We are now facing the double bottom situation from the historical support in the 6.2K region from Sept-Oct 2018. Keep in mind that this support was already tested once and grows weaker with every bounce. If this doesn't hold (this time or next bounce), it is a long way down.
บันทึกช่วยจำ
Things to watch: 3 Day time frame RSI.I've been watching this triple bottom forming at the 35 level. We did fall a little bit below it today which is a weaker sign. Bounce within 3 days? Only the market knows while the world watches. I am not betting too hard on it though as no volume would keep bouncing lower. We haven't seen oversold 3 Day RSI since December 15, 2018 - almost 1 YTD as it so happens.
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